Selecting a Refinancing Program
There are an enormous number of refinancing options available to borrowers. Contact us at (405) 615-8543 and we will help you qualify for the perfect loan program to fit your financial needs. There are several things to have in mind as you review your choices.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? Then your best choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even if interest rates rise, a fixed rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for about five more years, a fixed-rate loan may be a particulary good fit for you. However, an ARM with a initial low payment may be a better way to lower your monthly payments if you see yourself moving within the near future.
Getting Out some Cash
Is "cashing out" your main reason for your refinance? Your house needs renovating; your son has gone to University and needs tuition; or you are planning a special vacation. Then you'll want to find a loan for more than the remaining balance of your existing mortgage loan.Then you want If you've had your current mortgage for quite a while and/or have a loan whose interest rate is high, you may be able to do this without increasing your monthly payment.
Do you hold other debt, maybe with high interest, that you need to consolidate? If you have the home equity to make it work, taking care of other debt with higher interest than the rate on your mortgage (for example: credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars in your budget each month.
Switching to a Shorter Term Loan
Do you need to build up equity more quickly, and pay off your mortgage more quickly? You should consider refinancing with a shorterterm loan, like a 15-year mortgage. Your monthly payments will likely be higher than they were with a long-term loan, but in exchange, you will pay quite a bit less interest and can build up equity quicker. However, if you've held your existing 30-year loan for a number of years and the loan balance is relatively low, you could be able to do this without raising your monthly mortgage payment — you may even be able to save! To help you determine your options and the multiple benefits of refinancing, please contact us at 4056158543. We are here to help you reach your goals!
Curious about refinancing your home? Give us a call at (405) 615-8543.