Selecting a Refinancing Program

The huge number of refinance options available is truly breathtaking. Contact us at 4056158543 and we can match you with the loan program that best fits you. There are several things to bear in mind while you look at your options.

Reducing Your Monthly Payments

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the best option for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage with which the interest rate varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your loan, even as interest rates rise. If you aren't planning on moving in the near future (about 5 years), a fixed-rate mortgage can particularly be a great loan option. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get lower payments.

Cashing Out

Are you planning to cash out some of your home equity in your refinance? Maybe you want to update your kitchen, pay your child's college tuition bill, or go on a an Alaskan cruise. With this in mind, you will need to qualify for a loan for more than the remaining balance of your existing mortgage loan.In that case, you'll need If you've had your current mortgage loan for a number of years and/or have a loan whose interest rate is high, you might\could be able to do this without increasing your monthly payment.

Debt Consolidation

Do you want to pull out a portion of your equity to consolidate other debt? Excellent idea! If you have built up some equity, paying off other debt with higher interest that your home loan (credit cards or home equity loans, for example) may help save you a lot of money each month.

Paying it off Faster

Do you hope to build up equity quicker, and have your mortgage paid off faster? If this is your goal, your refinance can switch you to a mortgage program with a shorter term, for example: a 15 year loan. Your monthly payments will likely be more than with a longer term mortgage, but in exchange, you will pay substantially less interest and will build up equity more quickly. But, you could be able to switch without much increase in your monthly payment if your longer term loan was closed a while back, and the balance remaining is small. You may even pay less! To help you determine your options and the multiple benefits of refinancing, please call us at 4056158543. We are here for you.

Curious about refinancing? Give us a call at 4056158543.

Executive Lending Group

A Division of 1st Capital Mortgage LLC

2401 Tee Circle, STE 102B
Norman, OK 73069