Choosing a Refinancing Program

	Searching for a mortgage loan? We'd be thrilled to talk about your mortgage needs! Give us a call at 954-359-3000. Ready to begin? Apply Now.

Even though it may seem like it at times, there aren't as many loan options as there are borrowers! Call us at 954-359-3000 and we will work with you to qualify you for the right loan program to fit your financial situation. What are your goals for your refinance loan? Keeping in mind the following will help you begin your decision process.

Lowering Your Payments

Are getting better payments and a better rate your main refinance goals? Then a low, fixed rate loan may be your best option. Maybe you are currently in a loan with a high, fixed interest rate, or a mortgage with which the rate of interest varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage will remain at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for at least five more years, a fixed rate mortgage may be an especially good choice for you. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced monthly payments.

Getting Out some Cash

Is "cashing out" your main purpose for your refinance? Perhaps you want to make home improvements, pay your child's college tuition bill, or go on a special family vacation. Then you will want to qualify for a loan for more than the remaining balance on your existing mortgage loan.So you'll want However, if your interest rate is high now and you have held it for quite a few years, you may be able to accomplish your goals without a rise in your mortgage payment.

Consolidating Your Debt

Maybe you'd like to pull out some of the equity (cash out) to put toward other debt. If you own any higher interest debts (such as credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have enough home equity.

Paying it off Sooner

Are you planning to fatten your equity faster, and pay your mortgage loan off more quickly? If this is your plan, your refinance mortgage can change you to a mortgage program with a shorter term, such as a 15 year loan. Even though your monthly payment amount will usually be increased, you will save on interest; so your equity will build up faster. Conversely, if your current longer term mortgage loan has a small remaining balance, and was closed a number of years ago, you may even be able to make the move without paying more each month. To help you figure out your options and the many benefits in refinancing, please call us at 954-359-3000. We will help you reach your goals!

Want to know more about refinancing your home? Give us a call: 954-359-3000.