Selecting a Refinancing Program
The huge number of refinance options available to borrowers can be overwhelming. Call us at (405) 615-8543 and we'll work with you to qualify you for the right refinance program to fit your needs. What do you hope to achieve with refinancing? Considering in mind the information below will help you narrow your choices.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan could be a wise option for you. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the rate of interest varies. Even when interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. This kind of loan is particularly a wise choice if you don't think you'll be moving within the next 5 years or so. However, an ARM with a initial low payment may be a wiser way to lower your payments if you expect to move in the next few years.
Refinancing to Cash Out
Are you planning to cash out some of your home equity in your refinance? Your home needs new carpet; your daughter has gone to college and needs tuition; or you are planning a special vacation. In this case, you need to get a loan higher than the remaining balance on your present mortgage loan.So you will need However, if your mortgage rate is currently high and you have held it for a long time, you may be able to accomplish your goals without making your monthly payments higher.
Consolidating Your Debt
Do you hold other debt, perhaps with high interest, that you want to consolidate? If you have the equity in your home for it, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars monthly.
Building up Equity More Quickly
Are you wanting to fatten up your equity faster, and get your mortgage paid off sooner? If this is your hope, your refinance loan can move you to a mortgage loan program with a shorter term, like a 15 year loan. Your monthly payments will probably be higher than with the long-term mortgage loan, but in exchange, that you will pay quite a bit less interest and can build up equity quicker. Conversely, if your existing long-term loan has a small balance remaining, and was closed a while ago, you might be able to make the switch without paying more each month. To help you figure out your options and the numerous benefits in refinancing, please call us at (405) 615-8543. We are here for you.
Want to know more about refinancing? Call us: (405) 615-8543.