Which Refinancing Loan Program is Best for You?
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The huge number of refinance options available to borrowers can be overwhelming. Contact us at (405) 822-1957 and we'll work with you to qualify you for the perfect loan program for your situation. There are several things to keep in mind while you review your options.
Making Your Payments Lower
Are getting lower payments and an improved rate your main reasons for refinancing? Then a low, fixed rate loan may be the right option for you. Maybe you are currently in a loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even if rates get higher later, unlike with your ARM, when you get a fixed-rate mortgage, you set that low rate for the life of your mortgage. If you expect to stay in your home for about five more years, a loan with a fixed rate may be an especially good fit for you. However, if you do see yourself selling your home before too long, an ARM mortgage with a small initial rate might be the best way to bring down your monthly payment.
Are you hoping to cash out some of your equity with your refinance? Perhaps you're dreaming of a cruise; you have to pay college tuition for your child; or you are updating your kitchen. In this case, you need to get a loan above the balance remaining on your current mortgage loan.So you'll want You might not increase your monthly payment, however, if you've had your existing mortgage loan for a while, and/or your interest rate is high.
Do you want to cash out some equity to consolidate additional debt? Great plan! If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (like car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars in your monthly budget.
Building up Equity More Quickly
Do you want to build up home equity more quickly, and have your mortgage paid off more quickly? In that case, you need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage program. You will be paying less interest and growing your equity faster, although your mortgage payments will generally be higher than you have been paying. But, you may be able to make the change without a higher monthly payment if your longer term mortgage loan was closed a while back, and the balance remaining is small. You could even pay less! To help you determine your options and the many benefits of refinancing, please call us at (405) 822-1957. We are here for you.
Curious about refinancing? Give us a call: (405) 822-1957.