Which Refinancing Program is Best for You?

The huge number of refinance options available is truly breathtaking. Contact us at 4056158543 and we will help you qualify for the right refinance program for your needs. There are some general questions to ask yourself while you consider your choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan could be a good choice for you. Perhaps you are presently in a loan with a high, fixed interest rate, or a loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed-rate mortgage will remain at the same, low interest rate, unlike an ARM. If you are not expecting to move in the near future (about 5 years), a fixed rate mortgage loan 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 mortgage payments.

Cashing Out

Are you wanting to cash out some of your equity in your refinance? Your home needs renovating; your daughter has gone to college and needs tuition; or you are taking your family on a cruise. With this in mind, you will need to find a loan for more than the remaining balance on your existing mortgage loan.With this goal, you want to need to qualify for a loan for a bigger number than the remaining balance on your existing mortgage. However, if your interest rate is high now and you have held it for a long time, you may be able to reach your goals without making your monthly payments higher.

Debt Consolidation

Do you want to pull out some home equity to consolidate other debt? Good plan! If you hold some higher interest debts (like 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 the equity built up to make it work.

Getting a Shorter Term Loan

Do you want to build up home equity more quickly, and have your mortgage paid off sooner? Consider refinancing with a shorterterm loan, often a 15-year mortgage. You will be paying less interest and increasing your home equity more quickly, even though your monthly payments will generally be higher than they were. However, if you've held your current thirty year mortgage loan for a number of years and the remaining balance is relatively low, you could be do this without raising your monthly payment — you could even be able to save! To help you understand your options and the numerous benefits of refinancing, please contact us at 4056158543. We are here to help you reach your goals!

Want to know more about refinancing? Call us: 4056158543.

Executive Lending Group

A Division of 1st Capital Mortgage LLC

2401 Tee Circle, STE 102B
Norman, OK 73069