Refinancing: Which Option is for You?

There are a huge number of refinancing options available to borrowers. Contact us at 4056158543 and we will match you with the refinance loan program that best fits you. In the interest of looking at your choices, you need to consider what you want to achieve with your refinance.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan may be a good choice for you. Perhaps you are now in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage will stay at the same, low interest rate, unlike an ARM. If you are not expecting to sell your home in the near future (about five years), a fixed rate mortgage loan can especially be a good choice. On the other hand, if you can see yourself selling your home before too long, an adjustable rate mortgage with a small initial rate may be the ideal way to reduce your monthly payment.

Refinancing to Cash Out

Are you planning to cash out some of your home equity in your refinance? Perhaps you're going on a much needed vacation; you need to pay college tuition for your child; or you are updating your kitchen. So you need to look for a loan above the balance remaining of your present mortgage loan.Then you'll need If you've had your current mortgage for quite a while and/or have a mortgage loan whose interest rate is high, you might\could be able to do this without making your monthly payment bigger.

Consolidating Your Debt

Do you have other debt, perhaps with a higher interest rate, that you need to consolidate? If you have built up some home equity, taking care of other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) may be able to save you a chunk of money every month.

Paying it off Sooner

Are you dreaming of paying off your loan sooner, while beefing up your home equity quicker? If this is your hope, your refinance mortgage can move you to a loan program with a short, for example: a 15 year loan. The mortgage payments will probably be higher than with the longer term loan, but in exchange, that you will pay quite a bit less interest and can build up equity more quickly. However, if you have held your current 30 year mortgage loan for a number of years and the remaining balance is somewhat low, you might be able to do this without increasing your mortgage payment — it's even possible to save! To help you understand your options and the numerous benefits in refinancing, please contact 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