Which Refinancing Option is Right for You?
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The huge number of refinance options available can be overwhelming. Contact us at 863-286-4824 and we can match you with the refinance loan program that fits you best. In the interest of looking at your choices, you will need to list your goals for the refinance.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, your best option could be a low fixed-rate loan. Maybe you are now in a loan with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage will remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be particularly a good choice if you don't plan to move within the next five years or so. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower mortgage payments. As a result of refinancing, your total finance charges can be higher over the life of the loan.
Refinancing to Cash Outon Your Equity
Are you hoping to cash out some of your home equity in your refinance? Your house needs improvements; your son has been accepted to college and needs tuition; or you are planning a special vacation. Then you will need to find a loan higher than the balance remaining of your current mortgage.Then you will want to need to find a loan for a higher amount than the balance remaining on your existing mortgage. If you've had your existing mortgage for a number of years and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment higher.
Do you want to cash out a portion of your home equity to consolidate other debt? Yes you can! If you have the home equity to make it work, taking care of other debt with higher interest than the rate on your mortgage (such as car loans, credit cards, student loans, or home equity loans) means you can save possibly several hundred dollars each month.
Paying it off Sooner
Are you planning to fatten your equity faster, and pay off your mortgage sooner? Then, you'll need to look into refinancing to a short term mortgage - like a fifteen-year loan. Even though your mortgage payment amount will usually be more, you can save on interest; so your equity will rise up faster. However, if you have held your existing thirty-year loan for a long time and the remaining balance is somewhat low, you may be do this without increasing your mortgage payment — it's even possible to save! To help you figure out your options and the many benefits of refinancing, please contact us at
863-286-4824. We are here for you.
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