Choosing a Refinancing Program
The huge number of refinance options available is truly breathtaking. Call us at (610) 889-7467 and we will work with you to qualify you for the perfect refinance loan program for your needs. There are several things to have in mind while you review the choices.
Lowering Your Payments
Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan could be a wise choice for you. Maybe you currently hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — where the rate of interest can vary. Even when rates rise later, unlike with your ARM, when you close a fixed-rate mortgage, you lock in that low interest rate for the life of your mortgage. If you aren't planning a move in the near future (about five years), a fixed-rate mortgage can particularly be a great option. However, an ARM with a initial low payment may be a smarter way to lower your mortgage payments if you see yourself moving in the next few years.
Are you wanting to cash out some of your equity with your refinance? Your home needs renovating; your daughter has gone to University and needs tuition; or you have a special family vacation planned. In this case, you'll need to get a loan higher than the remaining balance of your present mortgage.So you'll need You might not have an increase in your mortgage payemnt, though, if you've had your existing loan for a long time, and/or your interest rate is high.
Do you want to cash out some equity to consolidate additional debt? Yes you can! If you have the equity in your home to make it work, paying off other high interest debt (for example: credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars monthly.
Building up Equity Faster
Are you dreaming of paying your loan off more quickly, while building up your equity more quickly? If this is your goal, the refinance mortgage can move you to a mortgage program with a shorter term, like a 15 year loan. Even though your mortgage payments will usually be increased, you will be paying less interest; so your home equity will rise up faster. However, if you have had your current thirty year mortgage for a number of years and the remaining balance is relatively low, you could be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits of refinancing, please contact us at (610) 889-7467. We are here for you.
Want to know more about refinancing? Give us a call: (610) 889-7467.