Refinancing: Which Program is for You?
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When you are overwhelmed with so many choices, it may seem like there are even more refinance loan programs than applicants! We can help you choose the loan program that will fit your financial situation the best. Call us at 813-966-1888 to get started. In the interest of looking at your choices, you will need to list your goals for your refinance.
Lowering Your Payments
Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the right loan program for you. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage with which the rate of interest varies : an adjustable rate mortgage (ARM). Even if rates rise later, unlike with your ARM, when you qualify for a fixed rate mortgage, you lock in that low rate for the term of your mortgage. If you are expecting to stay in your home for at least five more years, a fixed rate loan may be an especially good fit for you. However, an ARM with a initial low payment could be a smarter way to lower your monthly payments if you see yourself moving in the near future. As a result of refinancing, your total finance charges can be higher over the life of the loan.
Are you wanting to cash out some of your equity in your refinance? Perhaps you want to update your kitchen, take care of your college kid's tuition, or take your family on a dream vacation. With this in mind, you want to get a loan higher than the balance remaining on your existing mortgage.With this goal, you will You will be looking for a loan for a higher amount than the current balance on your current mortgage in that case. If you've had your current mortgage loan for a long time and/or have a high interest mortgage, you may be able to do this without making your mortgage payment bigger.
Do you want to pull out some of your equity to consolidate other debt? Excellent idea! If you have built up some equity, taking care of other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) may help save you a chunk of money each month.
Building up Equity More Quickly
Are you dreaming of paying your loan off more quickly, while building up your equity more quickly? If this is your plan, the refinance mortgage can switch you to a mortgage loan program with a shorter term, for example: a 15 year loan. You will be paying less interest and growing your home equity faster, even though your mortgage payments will likely be higher than they were. On the other hand, if your current longer term mortgage has a low balance remaining, and was closed a while ago, you may be able to make the change without paying more each month. To help you figure out your options and the numerous benefits in refinancing, please call us at
813-966-1888. We will help you reach your goals!
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