Which Refinancing Program is Right for You?

There are a huge number of refinancing options available to borrowers. Contact us at (941) 366-5800 and we can match you with the refinance program that is best for you. There are some general things to bear in mind while you look at your options.

Making Your Payments Lower

Are getting better monthly payments and a better rate your main refinance goals? In that case, applying for a low, fixed-rate loan might be a wise choice for you. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate varies. Even as interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. If you are expecting to stay in your home for about five more years, a loan with a fixed rate may be an especially good fit for you. However, an ARM with a initial low payment may be a wiser way to reduce your mortgage payments if you expect to move in the next few years.

Refinancing to Cash Out

Is your refinance goal mainly to "cash out" some home equity? It could be you need to update your kitchen, pay your child's college tuition bill, or go on a special family vacation. In this case, you'll want to get a loan for more than the remaining balance of your current mortgage loan.So you will want to find a loan program for a bigger number than the balance remaining on your existing mortgage. You may not have an increase in your monthly payemnt, though, if you have had your existing mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Debt

Do you want to cash out some of your equity to consolidate additional debt? Yes you can! If you have some higher interest debts (like credit cards or car loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have enough home equity.

Getting a Shorter Term Loan

Do you need to build up equity more quickly, and have your mortgage paid off faster? Then, you'll want to find out about refinancing to a short term mortgage loan - for example, a fifteen-year loan. Your payments will probably be more than they were with your long-term loan, but the pay-off is: you will pay substantially less interest and can build up equity more quickly. Conversely, if your existing long-term loan has a small remaining balance, and was closed a while ago, you could be able to make the move without paying more each month. To help you figure out your options and the many benefits of refinancing, please contact us at (941) 366-5800. We would love to help you reach your goals!

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

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