Selecting a Refinancing Program
Even though it may seem like it at times, there aren't as many refinance loan options as there are applicants! Contact us at (302) 765-8089 and we can help you qualify for the best refinance loan program for your financial needs. What do you hope to achieve with your refinance loan? Keeping in mind the information below will help you begin your decision process.
Reducing Your Monthly Payments
Are getting reduced mortgage payments and a lower rate your main reasons for refinancing? If so, applying for a low, fixed-rate loan might be a wise choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even when rates get higher later, unlike with your ARM, when you get a fixed-rate mortgage, you set that low rate for the life of your loan. This kind of loan is particularly a good idea if you don't expect to move within the next five years or so. However, an ARM with a low intitial payment may be a better way to reduce your payments if you see yourself moving in the near future.
Refinancing to Cash Out
Are you refinancing mainly to "cash out" some home equity? Maybe you're planning a special vacation; you have to pay college tuition for your child; or you plan to renovate your home. So you will need to find a loan for more than the balance remaining on your present mortgage.So you will want You may not increase your monthly payemnt, however, if you've had your existing mortgage loan for a long time, and/or your interest rate is high.
Do you want to pull out a portion of your home equity to consolidate other debt? Yes you can! If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (for example: home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars per month.
Building up Equity Faster
Are you dreaming of paying off your loan faster, while building up your equity more quickly? In that case, you need to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. Although your mortgage payment amount will usually be increased, you can be paying less interest; so your home equity will rise up faster. But, you might be able to switch without a higher monthly payment if your longer term mortgage loan was closed a while ago, and the remaining balance is small. You could even pay less! To help you determine your options and the multiple benefits in refinancing, please call us at (302) 765-8089. We are here for you.
Want to know more about refinancing your home? Give us a call: (302) 765-8089.
Get a Refinance Quote
Looking to refinance your home? Fill out the following form to get a fast quote from us.