Selecting a Refinancing Option

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There are not as many refinance loan programs as there are applicants, but it feels like it at times! Contact us at (856) 988-8100 x6615 and we can work with you to qualify you for the perfect loan program for your financial situation. In the interest of looking at your choices, you should think about what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are achieving reduced mortgage payments and a better rate your main reasons for refinancing? If so, the best choice might be a low fixed-rate loan. Perhaps you now hold a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — where the rate of interest varies. Even when rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you set that low rate for the life of your mortgage. If you are expecting to stay in your home for at least five more years, a loan with a fixed rate may be an especially good fit for you. On the other hand, if you do see yourself moving within the next few years, an ARM with a small initial rate could be the ideal way to reduce your monthly payments.

Cashing Out

Is "cashing out" your main reason for your refinance? Maybe you need to make home improvements, pay your child's college tuition bill, or go on a dream vacation. So you need to qualify for a loan above the remaining balance of your current mortgage loan.Then you'll want to find a loan program for a bigger amount than the remaining balance on your present mortgage. You may not increase your monthly payment, though, if you have had your existing mortgage for a while, and/or your interest rate is high.

Debt Consolidation

Do you hold other debt, maybe with a higher interest rate, that you need to consolidate? If you have enough home equity, taking care of other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) might be able to save you a lot of money every month.

Switching to a Shorter Term Loan

Do you need to build up equity quicker, and pay off your mortgage more quickly? If this is your wish, your refinance loan can switch you to a mortgage loan program with a short, for example: a 15 year loan. Your payments will probably be more than they were with the long-term mortgage loan, but the pay-off is: you will pay considerably less interest and can build up equity more quickly. However, if you've had your existing 30 year loan for a long time and the remaining balance is rather low, you may be able to do this without increasing your mortgage payment — you might even be able to save! To help you determine your options and the many benefits of refinancing, please call us at (856) 988-8100 x6615. We can help you reach your goals!

Curious about refinancing your home? Give us a call: (856) 988-8100 x6615.

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