Which Refinancing Program is Best for You?
The number of refinance options available to borrowers is truly breathtaking. Contact us at (610) 889-7467 and we can help you qualify for the perfect refinance program for your situation. surveying your options, you will need to determine your goals for the refinance.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan may be a good option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your mortgage loan, even if interest rates rise. If you are expecting to live in your home for at least five more years, a fixed rate mortgage may be a particulary good fit for you. On the other hand, if you can see yourself moving before too long, an ARM mortgage with a low initial rate could be the best way to lower your monthly payment.
Refinancing to Cash Out
Are you planning to cash out some of your equity in your refinance? Perhaps you want to update your kitchen, pay your child's college tuition bill, or take your dream vacation. With this in mind, you will want to find a loan above the balance remaining of your current mortgage loan.So you'll need However, if your interest rate is currently high and you've had it for a long time, you could be able to reach your goals without a rise in your mortgage payment.
Do you want to cash out some of your home equity to consolidate additional debt? Good plan! If you have the home equity to make it work, taking care of other high interest debt (like credit cards, home equity loans, or car loans) means you can possible save several hundred dollars a month.
Paying it off Faster
Do you need to build up equity quicker, and have your mortgage paid off faster? Consider refinancing with a short-term loan, often a 15-year mortgage loan. Your payments will probably be more than with the long-term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and will build up equity more quickly. However, if you've held your existing thirty year mortgage loan for a long time and the remaining balance is rather low, you may be do this without raising your monthly payment — it's even possible to save! To help you understand your options and the multiple benefits of refinancing, please call us at (610) 889-7467. We would love to help you reach your goals!
Curious about refinancing your home? Give us a call: (610) 889-7467.