Selecting a Refinancing Program
There are an enormous number of refinancing programs available to borrowers. Call us at (207) 571-8034 and we can help you qualify for the perfect refinance program for your needs. What are your goals for your refinance loan? Considering in mind the information below will help you narrow your choices.
Making Your Payments Lower
Are getting lower mortgage payments and an improved rate your main refinance goals? Then a low, fixed rate loan may be your best option. Perhaps you are currently in a loan with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your loan, even if interest rates rise. If you are expecting to stay in your home for at least five more years, a loan with a fixed rate may be an especially good fit for you. On the other hand, if you can see yourself moving within several years, an ARM with a low initial rate could be the best way to reduce your monthly payments.
Getting Out some Cash
Are you hoping to cash out some of your equity in your refinance? Your home needs improvements; your son has gone to college and needs tuition; or you are taking your family on a cruise. With this in mind, you'll need to find a loan above the balance remaining on your current mortgage loan.In that case, you want to qualify for a loan for a higher amount than the remaining balance on your existing mortgage loan. If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.
Debt Consolidation
Do you have other debt, maybe with a high interest rate, that you want to consolidate? If you have enough home equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could help save you a lot of money every month.
Paying it off Sooner
Are you dreaming of paying your loan off faster, while beefing up your home equity quicker? Consider refinancing to a shorterterm loan, often a 15-year mortgage. Even though your monthly payments will likely be increased, you will save on interest; so your equity amount will rise up faster. Conversely, if your current longer term loan has a low balance remaining, and was closed a while ago, you might be able to make the move without paying more each month. To help you figure out your options and the many benefits in refinancing, please call us at (207) 571-8034. We are here to help you reach your goals!
Curious about refinancing your home? Call us: (207) 571-8034.