Which Refinancing Loan Program is Best for You?

There are not as many loan programs as there are applicants, but it feels like it at times! Call us at (941) 366-5800 and we can match you with the refinance program that is best for you. There are some general questions to ask yourself while you review the choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan may be a wise option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your mortgage, even as interest rates rise. If you are not planning on moving in the near future (about five years), a fixed rate mortgage loan can particularly be a good option. However, an ARM with a initial low payment may be a better way to reduce your payments if you expect to move in the near future.

Getting Out some Cash

Are you refinancing mainly to pull out some of your equity for an infusion of cash? Your house needs renovating; your daughter has been accepted to college and needs tuition; or you are taking your family on a cruise. So you want to find a loan for more than the remaining balance on your current mortgage.So you'll want to qualify for a loan for a higher number than the balance remaining on your current mortgage loan. If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your monthly payment.

Debt Consolidation

Do you want to cash out a portion of your home equity to consolidate additional debt? Good plan! 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) may help save you a lot of cash each month.

Paying it off Sooner

Are you planning to fatten your home equity faster, and pay off your mortgage loan more quickly? Consider refinancing to a shorterterm loan, like a 15-year mortgage loan. Even though your mortgage payments will probably be more, you will be paying less interest; so your home equity will rise up faster. On the other hand, if your existing long-term mortgage loan has a small balance remaining, and was closed a while ago, you could be able to make the switch without paying more each month. To help you determine your options and the many benefits in refinancing, please call us at (941) 366-5800. We will help you reach your goals!

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

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question