Choosing a Refinancing Option

There aren't as many loan programs as there are applicants, but at times it seems like it! Contact us at 4056158543 and we will match you with the loan program that fits you best. There are several questions to ask yourself as you look at your options.

Making Your Payments Lower

Are getting better mortgage payments and an improved rate your main refinance goals? If so, a good choice could be a low fixed-rate loan. Maybe you are presently in a mortgage with a high, fixed interest rate, or a mortgage with which the rate of interest varies : an adjustable rate mortgage (ARM). Even when rates come up later, unlike with your ARM, when you get a fixed-rate mortgage, you lock in that low interest rate for the term of your loan. If you aren't planning on moving in the near future (about five years), a fixed rate mortgage loan can particularly be a wise loan option. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced monthly payments.

Getting Out some Cash

Is "cashing out" your primary reason for your refinance? Perhaps you want to make home improvements, take care of your college kid's tuition, or go on a special family vacation. So you'll want to find a loan above the remaining balance on your current mortgage.In this case, you'll need You may not have an increase in your monthly payemnt, however, if you've had your current loan for a while, and/or your interest rate is high.

Consolidating Your Debt

Do you hold other debt, perhaps with a higher interest rate, that you'd like to consolidate? If you have any higher interest debts (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan with your refinance, if you have the right amount of home equity.

Building up Equity Faster

Do you hope to build up equity more quickly, and pay off your mortgage sooner? In that case, you'll want to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. Although your monthly payment amount will likely be increased, you can save on interest; so your equity amount will build up faster. However, if you've held your existing thirty year mortgage for a long time and the remaining balance is relatively low, you may be do this without increasing your monthly payment — you might even be able to save! To help you determine your options and the many benefits in refinancing, please contact us at 4056158543. We will help you reach your goals!

Curious about refinancing your home? Call us at 4056158543.

Executive Lending Group

A Division of 1st Capital Mortgage LLC

2401 Tee Circle, STE 102B
Norman, OK 73069