Refinancing: Which Program is for You?

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There aren't as many refinance loan options as there are borrowers, but sometimes it seems like it! Contact us at 631-273-1188 and we can match you with the refinance program that best fits you. There are some general things to have in mind as you look at the options.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? In that case, your best option might be a low fixed-rate loan. Perhaps you are now in a mortgage loan with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your loan, even if interest rates rise. A fixed-rate mortgage is particularly a wise idea if you aren't expecting a move within the next five years or so. However, an ARM with a initial low payment may be a wiser way to reduce your mortgage payments if you plan on moving in the next few years.

Getting Out some Cash

Are you hoping to cash out some of your equity in your refinance? It could be you need 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 will need to look for a loan above the balance remaining of your current mortgage loan.So you You will be looking for a loan for a bigger amount than the balance remaining on your present home loan in that case. You might not have an increase in your monthly payment, however, if you've had your current mortgage loan for a while, and/or your loan interest rate is high.

Consolidating Debt

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

Paying it off Faster

Do you need to build up home equity more quickly, and pay off your mortgage more quickly? Then, you'll want to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. You will be paying less interest and growing your home equity more quickly, even though your mortgage payments will likely be bigger than they were. However, if you have had your existing 30 year mortgage loan for a long time and the remaining balance is somewhat low, you could be able to do this without increasing your mortgage payment — it's even possible to save! To help you figure out your options and the many benefits of refinancing, please contact us at 631-273-1188. We can help you reach your goals!

Want to know more about refinancing? Call us: 631-273-1188.

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