Choosing a Refinancing Program

There are not as many refinance loan options as there are borrowers, but sometimes it feels like it! We can help you select the loan program that can fit your needs the best. Call us at (786) 262-6486 to get started. There are some general questions to ask yourself while you look at your choices.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, your best option could be a low fixed-rate loan. Maybe you currently have a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — in which the interest rate can vary. Even if interest rates rise, a fixed-rate mortgage will stay at the same, low interest rate, unlike an ARM. This can be especially a good idea if you aren't expecting a move within the next 5 years or so. However, an ARM with a low intitial payment may be a smarter way to reduce your payments if you plan on moving in the next few years.

Getting Out some Cash

Are you planning to cash out some of your equity with your refinance? It could be you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are updating your kitchen. With this in mind, you'll need to apply for a loan higher than the balance remaining of your existing mortgage.So you will need If you've had your current mortgage loan for a number of years and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment higher.

Consolidating Debt

Maybe you hope to pull out a portion of the equity (cash out) to use toward other debt. If you have the home equity to make it work, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars in your budget each month.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off more quickly, while building up your equity faster? In that case, you need to look into refinancing to a short term mortgage - like a fifteen-year loan. Although your monthly payment amount will usually be more, you can save on interest; so your equity amount will build up faster. Conversely, if your existing longer term mortgage loan has a low balance remaining, and was closed a number of years ago, you may be able to make the move without paying more each month. To help you figure out your options and the multiple benefits of refinancing, please contact us at (786) 262-6486. We are here for you.

Curious about refinancing your home? Give us a call: (786) 262-6486.

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