Choosing a Refinancing Program
When you are overwhelmed with all the options, it may seem like there are even more loan programs than applicants! We can guide you to find the loan program that will fit your financial situation the best. Contact us at (405) 615-8543 to get started. What are your reasons for refinancing? Considering in mind the following will help you narrow your choices.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, the best choice may be a low fixed-rate loan. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a loan in which the rate of interest varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed-rate mortgage must stay at the same, low interest rate, unlike an ARM. If you aren't expecting to move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a wise loan option. On the other hand, if you do see yourself selling your home in the near future, an ARM mortgage with a small initial rate may be the ideal way to reduce your monthly payments.
Getting Out some Cash
Are you wanting to cash out some of your equity in your refinance? Your home needs new carpet; your daughter has been accepted to college and needs tuition; or you have a special family vacation planned. With this in mind, you need to look for a loan for more than the remaining balance of your existing mortgage.Then you'll want However, if your loan interest rate is currently high and you've had it for a long time, you could be able to accomplish your goals without making your mortgage payments rise.
Consolidating Your Debt
Do you want to cash out some of your equity to consolidate other debt? Great idea! If you hold any higher interest debts (such as credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have enough equity.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off faster, while beefing up your home equity faster? If this is your plan, your refinance mortgage can move you to a loan program with a short, like a 15 year loan. You will be paying less interest and increasing your equity more quickly, although your monthly payments will likely be bigger than they were. But, you may be able to switch without a bigger monthly mortgage payment if your long term mortgage loan was closed a while ago, and the remaining balance is low. You may even make it lower! To help you understand your options and the multiple benefits of refinancing, please contact us at (405) 615-8543. We would love to help you reach your goals!
Want to know more about refinancing your home? Give us a call: (405) 615-8543.