Selecting a Refinancing Loan
The huge number of refinance options available can be overwhelming. Call us at 603-893-6616 and we can match you with the refinance program that is ideal for you. In the interest of looking at your choices, you can list what you want to achieve with your refinance.
Reducing Your Monthly Payments
Are getting better payments and an improved rate your main refinance goals? In that case, a low, fixed rate loan may be your best option. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — with which the rate of interest varies. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your loan, even as interest rates rise. If you plan to live in your home for about five more years, a loan with a fixed rate may be a particulary good option for you. However, if you can see yourself moving within several years, an ARM mortgage with a small initial rate may be the ideal way to reduce your monthly payment.
Getting Out some Cash
Are you planning to cash out some of your home equity in your refinance? Perhaps you're dreaming of a cruise; you need to pay college tuition for your child; or you are updating your kitchen. So you will need to get a loan for more than the balance remaining on your present mortgage loan.Then you'll want You might not increase your mortgage payemnt, however, if you have had your current loan for a long time, and/or your interest rate is high.
Consolidating Your Debt
Do you want to cash out some of your home equity to consolidate additional debt? Good plan! If you have any higher interest debts (like credit cards or car loans), you might be able to pay that debt off with a lower rate loan with your refinance, if you have enough home equity.
Switching to a Shorter Term Loan
Are you dreaming of paying your loan off sooner, while building up your home equity quicker? Then, you want to find out about refinancing to a short term mortgage loan - like a fifteen-year loan. Although your mortgage payment amount will probably be increased, you will be paying less interest; so your equity will rise up faster. But, you could be able to make the change without a bigger monthly payment if your longer term mortgage loan was closed a while back, and the balance remaining is small. You may even pay less! To help you determine your options and the many benefits of refinancing, please call us at 603-893-6616. We are here to help you reach your goals!
Curious about refinancing your home? Call us at 603-893-6616.