Selecting a Refinancing Loan
The huge number of refinance options available can be overwhelming. We can guide you to locate the loan program that will fit your situation the best. Contact us at (786) 262-6486 to get started. There are some general questions to ask yourself as you consider your options.
Making Your Payments Lower
Are getting lower monthly payments and an improved rate your main refinance goals? In that case, a low, fixed rate loan may be the best option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even if rates get higher later, unlike with your ARM, when you get a fixed rate mortgage, you lock in that low rate for the term of your loan. If you are planning to stay in your home for about five more years, a fixed rate mortgage may be an especially good choice for you. However, an ARM with a initial low payment may be a wiser way to lower your monthly payments if you plan on moving within the near future.
Refinancing to Cash Out
Are you refinancing mainly to "cash out" some home equity? Perhaps you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are planning some home improvements. With this in mind, you'll want to look for a loan higher than the remaining balance of your current mortgage.Then you want If you've had your current mortgage loan for quite a while and/or have a mortgage loan with high interest, you may be able to do this without increasing your mortgage payment.
Do you have other debt, maybe with higher interest, that you need to consolidate? If you own some debt with steep interest (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan with your refinance, if you have enough equity.
Building up Equity Faster
Do you plan to build up home equity quicker, and pay off your mortgage faster? Consider refinancing to a short-term loan, like a 15-year mortgage loan. The monthly payments will probably be more than they were with the longer term mortgage, but in exchange, you will pay quite a bit less interest and will build up equity more quickly. But, you may be able to switch without a bigger monthly mortgage payment if your long term loan was closed a while ago, and the balance remaining is low. You may even pay less! To help you determine your options and the many benefits of refinancing, please contact us at (786) 262-6486. We are here for you.
Curious about refinancing? Give us a call: (786) 262-6486.