Which Refinancing Loan Program is Best for You?
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The massive amount of refinance options available to borrowers can be overwhelming. Call or text any of our amazing mortgage experts or reach out directly to the branch managers Keitha McEvers (Sr. loan officer and team lead) 405-863-4122 or Mark McEvers (Sr. Loan officer) 405-822-1957 and we'll help 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
Is a lower payment and lower rate your main reason 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 where 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 on fixed rate loan products. If you expect to stay in your home for a few more years, a refinance with a lower fixed rate may be an especially good fit for you.
Cashing Out
Are you hoping to cash out some of your equity with your refinance? Perhaps you're dreaming of a big vacation; 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. So, you'll want to do a cash out refinance. In a lot of cases you are able to do this and you still 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, we may even be able to lower your monthly mortgage payment while also giving you the cash out you desire.
Consolidating Debt
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 possibly save hundreds or even thousands of dollars in your monthly budget.
Building Equity Faster
Do you want to build your home equity faster, and have your mortgage paid off quicker? In that case, you need to find out about refinancing to a shorter term mortgage loan, like a fifteen-year mortgage program. You could be paying less interest and growing your equity faster. Depending on your personal loan file, your new mortgage payment may generally be higher than you have been paying with this option. 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 feel to contact any of our amazing mortgage experts or reach out directly to the branch managers Keitha McEvers (Sr. loan officer and team lead) 405-863-4122 or Mark McEvers (Sr. Loan officer) 405-822-1957. We are here to help you with all of your mortgage loan needs.