Refinancing: Which Program is for You?
There are an enormous number of refinancing options available to borrowers. We can guide you to locate the loan program that can fit your needs the best. Contact us at (610) 889-7467 to get started. surveying your options, you'll need to list what you want to achieve with your refinance.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan may be a good choice for you. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the mortgage, even when interest rates rise. If you are expecting to live in your home for about five more years, a fixed rate loan may be a particulary good choice for you. However, an ARM with a initial low payment could be a smarter way to reduce your monthly payments if you plan on moving in the next few years.
Are you hoping to cash out some of your home equity with your refinance? Maybe you want to pay for home improvements, pay your child's college tuition bill, or take your dream vacation. Then you will need to apply for a loan above the balance remaining on your present mortgage.Then you will want to need to find a loan for a higher number than the balance remaining on your current mortgage. If you've had your existing mortgage loan for a long time and/or have a mortgage with a high interest rate, you may be able to do this without making your mortgage payment bigger.
Do you want to cash out a portion of your home equity to consolidate additional debt? Great plan! 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 home equity loans, student loans, or credit cards) means you can possible save hundreds of dollars each month.
Building up Equity More Quickly
Are you dreaming of paying off your loan more quickly, while building up your home equity more quickly? You should consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. Your monthly payments will likely be more than they were with a long-term mortgage loan, but in exchange, that you will pay substantially less interest and will build up equity quicker. On the other hand, if your existing longer term mortgage loan has a low balance remaining, and was closed a while ago, you could be able to make the move without paying more each month. To help you determine your options and the numerous benefits in refinancing, please call us at (610) 889-7467. We are here for you.
Curious about refinancing your home? Give us a call at (610) 889-7467.