Selecting a Refinancing Program

There are an enormous number of refinancing options available to borrowers. Call us at (302) 765-8089 and we can match you with the refinance loan program that is best for your needs. In the interest of looking at your choices, you should consider what you want to achieve with the refinance.

Lowering Your Payments

Are getting better payments and an improved rate your main refinance goals? In that case, applying for a low, fixed-rate loan may be a wise choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even when rates get higher later, unlike with your ARM, when you close a mortgage with a fixed rate, you lock in the low interest rate for the life of your loan. If you are not expecting to sell your home in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good loan option. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Getting Out some Cash

Are you refinancing mainly to "cash out" some home equity? Maybe you need to update your kitchen, take care of your college kid's tuition, or take your family on a dream vacation. Then you will need to find a loan for more than the balance remaining on your current mortgage loan.Then you need You might not have an increase in your monthly payemnt, however, if you have had your existing mortgage for a number of years, and/or your loan interest rate is high.

Consolidating Debt

Do you have other debt, perhaps with a high interest rate, that you'd like to consolidate? If you have the home equity for it, taking care of other high interest debt (like home equity loans, student loans, or credit cards) means you can save possibly several hundred dollars monthly.

Getting a Shorter Term Loan

Do you want to build up home equity quicker, and pay off your mortgage faster? Consider refinancing to a shorterterm loan, such as a 15-year mortgage. Your mortgage payments will likely be higher than with a long-term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and can build up equity more quickly. However, if you've held your current thirty year mortgage loan for a long time and the remaining balance is somewhat low, you might be able to do this without increasing your monthly mortgage payment — you could even be able to save! To help you determine your options and the numerous benefits in refinancing, please contact us at (302) 765-8089. We are here to help you reach your goals!

Want to know more about refinancing? Give us a call at (302) 765-8089.

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