Which Refinancing Loan Program is Right for You?

There are a huge number of refinancing programs available to borrowers. We can guide you to choose the loan program that can fit your needs the best. Call us at (941) 366-5800 to begin the process. In order to review your choices, you need to think about what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a good option may be a low fixed-rate loan. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a mortgage with which the interest rate varies : an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage must stay at the same, low interest rate, unlike an ARM. This can be particularly a wise choice if you don't think you'll be selling your home within the next five years or so. However, if you do see yourself moving before too long, an ARM with a low initial rate could be the ideal way to reduce your monthly payments.

Cashing Out

Are you refinancing mainly to pull out some of your home equity for an infusion of cash? It could be you're going on a much needed vacation; you need to pay tuition for your college-bound child; or you are updating your kitchen. Then you need to find a loan higher than the balance remaining of your current mortgage loan.In this case, you will want However, if your interest rate is currently high and you've had it for quite a few years, you could be able to achieve your goals without making your monthly payments increase.

Consolidating Your Debt

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

Getting a Shorter Term Loan

Are you planning to fatten up your equity faster, and pay your mortgage loan off sooner? You should consider refinancing with a shorterterm loan, like a 15-year mortgage loan. Your payments will likely be higher than they were with a longer term mortgage loan, but the pay-off is: that you will pay substantially less interest and can build up equity quicker. However, if you've held your existing thirty-year loan for a long time and the loan balance is somewhat low, you may be do this without increasing your mortgage payment — it's even possible to save! To help you determine your options and the many benefits in refinancing, please call us at (941) 366-5800. We are here to help you reach your goals!

Curious about refinancing? Give us a call: (941) 366-5800.

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