Selecting a Refinancing Program
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Even though it seems like it sometimes, there aren't as many loan programs as there are applicants! We can help you select the refinance loan program that can fit your situation the best. Contact us at (240) 428-1650 to get things started. There are some general questions to ask yourself while you review your options.
Making Your Payments Lower
Are getting better monthly payments and an improved rate your main refinance goals? If so, applying for a low, fixed-rate loan could be a good choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your mortgage, even when interest rates rise. This can be particularly a good idea if you don't expect to move within the next 5 years or so. However, an ARM with a low initial payment may be a wiser way to reduce your monthly payments if you expect to move in the next few years.
Refinancing to Cash Out
Are you wanting to cash out some of your equity in your refinance? Maybe you need to make home improvements, pay your child's college tuition bill, or take a cruise. Then you need to find a loan higher than the balance remaining of your current mortgage.Then you will want However, if your mortgage rate is currently high and you've held it for a long time, you may be able to achieve your goals without making your mortgage payments rise.
Consolidating Your Debt
Do you have other debt, maybe with a high interest rate, that you need to consolidate? If you have the equity in your home for it, taking care of other debt with higher interest than the rate on your mortgage (such as car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars each month.
Switching to a Shorter Term Loan
Do you need to build up home equity quicker, and pay off your mortgage more quickly? If this is your plan, your refinance can change you to a loan program with a short, like a 15 year loan. You will be paying less interest and increasing your equity more quickly, even though your monthly payments will usually be more than they were. But, you might be able to switch without a bigger monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the remaining balance is small. You could even make it lower! To help you figure out your options and the multiple benefits in refinancing, please contact us at (240) 428-1650. We are here to help you reach your goals!
Want to know more about refinancing? Call us: (240) 428-1650.