Selecting a Refinancing Program

There are not as many refinance loan options as there are applicants, but it seems like it sometimes! We can help you choose the refinance loan program that can fit your situation the best. Call us at (941) 366-5800 to begin the process. In the interest of looking at your choices, you should think about what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan may be a wise option for you. Maybe you now hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — where the rate of interest varies. Even as interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you are not expecting to move in the near future (about five years), a fixed-rate mortgage can especially be a good choice. However, if you can see yourself moving before too long, an ARM with a low initial rate may be the ideal way to lower your monthly payments.

Cashing Out

Are you refinancing primarily to "cash out" some home equity? Maybe you're going on a much needed vacation; you need to pay college tuition for your child; or you are updating your kitchen. With this in mind, you will need to find a loan for more than the remaining balance on your present mortgage loan.So you'll need However, if your loan interest rate is high now and you've had it for quite a few years, you could be able to reach your goals without a rise in your mortgage payment.

Consolidating Your Debt

Do you have other debt, perhaps with high interest, that you need to consolidate? If you have enough equity, paying off other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) could be able to save you a lot of cash each month.

Building up Equity Faster

Are you dreaming of paying off your loan faster, while building up your home equity more quickly? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage. Your monthly payments will probably be more than they were with a longer term mortgage, but the pay-off is: that you will pay substantially less interest and can build up equity more quickly. On the other hand, if your existing longer term mortgage has a low balance remaining, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you determine your options and the numerous benefits in refinancing, please contact us at (941) 366-5800. We are here for you.

Want to know more about refinancing? Call us at (941) 366-5800.

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