Choosing a Refinancing Program

When you are overwhelmed with so many choices, it may seem like there are even more refinance programs than applicants! We can guide you to find the refinance program that will fit your financial situation the best. Call us at (941) 366-5800 to get started. There are some general things to bear in mind as you look at the choices.

Lowering Your Payments

Are achieving lower monthly payments and a better rate your main reasons for refinancing? If so, getting a low, fixed-rate loan might be a good option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of the mortgage loan, even if interest rates rise. If you are not planning a move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good choice. But if you do plan to move more quickly, you will want to consider an ARM with a low initial rate to get lower payments.

Cashing Out

Are you wanting to cash out some of your home equity with your refinance? Perhaps you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you plan to renovate your home. So you'll need to look for a loan above the balance remaining of your existing mortgage loan.Then you You will need to get a loan for more than the remaining balance of your present home loan in that case. If you've had your current mortgage for a number of years and/or have a high interest mortgage, you may be able to do this without making your monthly payment bigger.

Debt Consolidation

Maybe you'd like to pull out some of the equity in your home (cash out) to put toward other debt. If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (for example: car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars in your budget each month.

Building up Equity More Quickly

Are you dreaming of paying your loan off more quickly, while building up your home equity more quickly? In that case, you'll need to find out about refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. Your payments will likely be higher than they were with the long-term mortgage, but the pay-off is: you will pay quite a bit less interest and will build up equity more quickly. However, if you have had your current 30 year loan for a long time and the remaining balance is relatively low, you may be able to do this without increasing your mortgage payment — it's even possible to save! To help you understand your options and the numerous benefits in refinancing, please contact us at (941) 366-5800. We are here to help you reach your goals!

Curious about refinancing? Call us: (941) 366-5800.

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