Selecting a Refinancing Loan

There are a huge number of refinancing options available to borrowers. We can help you find the refinance loan program that will fit your situation the best. Call us at (941) 366-5800 to begin the process. What do you hope to achieve with your refinance loan? Keeping in mind the information below will help you begin your decision process.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the right loan program for you. Perhaps you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — in which the interest rate varies. Even if interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. If you are not planning a move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a great loan option. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate to get reduced monthly payments.

Cashing Out

Are you refinancing mainly to "cash out" some home equity? It could be you need to make home improvements, take care of your college kid's tuition, or take your dream vacation. In this case, you'll need to find a loan above the remaining balance of your present mortgage.With this goal, you will want to find a loan program for a higher amount than the balance remaining on your existing mortgage loan. You may not have an increase in your monthly payemnt, however, if you've had your existing loan for a long time, and/or your interest rate is high.

Debt Consolidation

Do you have other debt, maybe with a higher interest rate, that you'd like to consolidate? If you have the home equity to make it work, paying off other high interest debt (such as car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars in your budget each month.

Paying it off Faster

Do you plan to build up equity quicker, and have your mortgage paid off more quickly? You should consider refinancing with a shorterterm loan, often a 15-year mortgage loan. You will be paying less interest and increasing your home equity more quickly, even though your mortgage payments will usually be higher than they were. On the other hand, if your current longer term mortgage 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 numerous benefits of refinancing, please call us at (941) 366-5800. We are here to help you reach your goals!

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

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