Selecting a Refinancing Loan
There aren't as many refinance loan programs as there are applicants, but it seems like it sometimes! We can help you find the loan program that can fit your situation the best. Contact us at 603-893-6616 to get started. There are several things to bear in mind as you consider the choices.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan might be a wise choice for you. Maybe you currently hold a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — with which the interest rate varies. Even when rates rise later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in the low rate for the life of your mortgage. If you are expecting to live in your home for at least five more years, a fixed rate loan may be a particulary good option for you. On the other hand, if you do see yourself selling your home before too long, an adjustable rate mortgage with a low initial rate may be the ideal way to bring down your monthly payment.
Is "cashing out" your primary purpose for your refinance? Perhaps you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you plan to renovate your home. Then you'll need to get a loan for more than the remaining balance on your present mortgage.So you'll need You may not increase your mortgage payemnt, however, if you have had your existing mortgage loan for a number of years, and/or your loan interest rate is high.
Do you hold other debt, maybe with a high interest rate, that you'd like to consolidate? If you have the equity in your home for it, taking care of other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you can save possibly hundreds of dollars in your monthly budget.
Paying it off Sooner
Are you dreaming of paying off your loan faster, while beefing up your home equity more quickly? Then, you'll want to look into refinancing to a short term mortgage loan - for example, a fifteen-year loan. You will be paying less interest and growing your home equity more quickly, although your payments will generally be more than they were. However, if you've had your current 30-year mortgage for a number of years and the loan balance is rather low, you could be able to do this without increasing your monthly payment — it's even possible to save! To help you figure out your options and the many benefits in refinancing, please contact us at 603-893-6616. We will help you reach your goals!
Curious about refinancing? Call us: 603-893-6616.