Choosing a Refinancing Program
In the market for a new mortgage? We can assist you! Give us a call today at 813-966-1888. Ready to get started? Apply Now
Although it seems like it sometimes, there are not as many loan options as there are borrowers! We can guide you to choose the refinance program that can fit your needs the best. Contact us at 813-966-1888 to begin the process. surveying your choices, you can consider your goals for the refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan may be a good choice for you. Maybe you are now in a mortgage loan with a high, fixed interest rate, or a mortgage with which the interest rate varies : an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. This kind of loan can be particularly a wise option if you aren't expecting a move within the next 5 years or so. However, an ARM with a initial low payment may be a smarter way to reduce your mortgage payments if you see yourself moving in the next few years.
Refinancing to Cash Out
Are you wanting to cash out some of your home equity in your refinance? It could be you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you plan to renovate your home. So you will want to find a loan above the remaining balance of your current mortgage loan.With this goal, you You will be looking for a loan for a higher amount than the balance remaining with your current mortgage in that case. You might not increase your mortgage payment, though, if you've had your current loan for a while, and/or your interest rate is high.
Maybe you hope to cash out some of the equity in your home (cash out) to put toward other debt. If you have the home equity for it, taking care of other debt with higher interest than the rate on your mortgage (such as car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars each month.
Building up Equity More Quickly
Are you wanting to fatten your equity faster, and get your mortgage paid off sooner? If this is your wish, your refinance mortgage can switch you to a mortgage loan program with a short, such as a 15 year loan. You will be paying less interest and increasing your equity faster, although your mortgage payments will likely be bigger than they were. However, if you have had your current thirty-year mortgage for a long time and the remaining balance is rather low, you might be able to do this without raising your monthly mortgage payment — it's even possible to save! To help you understand your options and the many benefits of refinancing, please contact us at 813-966-1888. We are here for you.
Want to know more about refinancing your home? Call us: 813-966-1888.