Refinancing: Which Program is for You?

Although it seems like it at times, there aren't as many loan programs as there are borrowers! Contact us at (941) 366-5800 and we will match you with the refinance program that best fits you. There are several questions to ask yourself while you consider your choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan may be a good option for you. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even when rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you set that low rate for the term of your loan. If you plan to stay in your home for about five more years, a loan with a fixed rate may be a particulary good fit for you. However, an ARM with a low intitial payment may be a wiser way to lower your monthly payments if you expect to move within the near future.

Getting Out some Cash

Is "cashing out" your main reason for refinancing? It could be you need to pay for home improvements, take care of your college kid's tuition, or go on a an Alaskan cruise. Then you'll need to find a loan for more than the balance remaining on your existing mortgage loan.So you You will want to find a loan for a bigger amount than the balance remaining with your current mortgage loan in that case. However, if your mortgage rate is currently high and you have held it for quite a few years, you could be able to achieve your goals without a rise in your mortgage payment.

Consolidating Debt

Do you hold other debt, maybe with a high interest rate, that you want to consolidate? If you have any debt with higher interest (like credit cards or vehicle 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.

Paying it off Faster

Are you planning to fatten up your equity faster, and pay off your mortgage sooner? If this is your goal, the refinance mortgage can switch you to a loan program with a short, such as a 15 year loan. Your mortgage payments will likely be more than with the longer term mortgage, but the pay-off is: you will pay substantially less interest and will build up equity more quickly. However, if you've held your existing 30-year mortgage for a long time and the remaining balance is rather low, you might be able to do this without increasing your monthly payment — it's even possible to save! To help you understand your options and the multiple benefits in refinancing, please contact us at (941) 366-5800. We are here for you.

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

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