Choosing a Refinancing Program
The number of refinance options available is truly breathtaking. Contact us at 603-893-6616 and we can help you qualify for the perfect refinance loan for your situation. What are your reasons for refinancing? Considering in mind the following will help you begin your decision process.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, the best choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans 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 the low rate for the life of your loan. If you expect to stay in your home for at least five more years, a fixed rate loan may be an especially good choice for you. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced monthly payments.
Is "cashing out" your primary purpose for refinancing? Perhaps you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you plan to renovate your home. In this case, you want to qualify for a loan for more than the balance remaining of your existing mortgage.In this case, you want If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.
Do you hold other debt, maybe with higher interest, that you need to consolidate? If you have enough home equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might be able to save you a lot of money every month.
Paying it off Faster
Are you wanting to fatten your equity faster, and pay off your mortgage loan more quickly? In that case, you want to find out about refinancing to a short term mortgage - for example, a fifteen-year loan. Even though your monthly payment amount will likely be more, you can save on interest; so your home equity will build up faster. Conversely, if your existing long-term mortgage loan has a low remaining balance, and was closed a number of years ago, you might be able to make the move without paying more each month. To help you understand your options and the numerous benefits in refinancing, please call us at 603-893-6616. We are here for you.
Want to know more about refinancing? Give us a call at 603-893-6616.