Choosing a Refinancing Program

When you are overwhelmed with so many choices, it may seem like there are even more refinance loan programs than applicants! We can help you select the loan program that will fit your situation the best. Call us at 603-893-6616 to get started. In order to review your options, you need to consider your goals for the refinance.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the best loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even as interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you plan to stay in your home for at least five more years, a fixed rate mortgage may be a particulary good choice for you. However, an ARM with a low intitial payment could be a smarter way to lower your payments if you expect to move in the next few years.

Getting Out some Cash

Are you wanting to cash out some of your equity with your refinance? It could be you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you plan to renovate your home. With this in mind, you will want to get a loan for more than the remaining balance of your current mortgage.Then you want You might not have an increase in your mortgage payemnt, though, if you've had your current mortgage for a number of years, and/or your interest rate is high.

Debt Consolidation

Maybe you'd like to pull out a portion of the home equity (cash out) to put toward other debt. If you have a fair amount of equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might help save you a chunk of money each month.

Paying it off Faster

Are you dreaming of paying off your loan sooner, while beefing up your home equity more quickly? If this is your goal, your refinance loan can change you to a loan program with a short, such as a 15 year loan. You will be paying less interest and growing your home equity more quickly, although your payments will likely be bigger than you have been paying. On the other hand, if your current long-term mortgage has a small balance remaining, and was closed a number of years ago, you may be able to make the change without paying more each month. To help you determine your options and the numerous benefits of refinancing, please contact us at 603-893-6616. We are here for you.

Curious about refinancing your home? Call us at 603-893-6616.