Which Refinancing Option is Best for You?
There are an enormous number of refinancing options available to borrowers. Contact us at (434) 975-5626 and we will help you qualify for the perfect refinance loan program to fit your financial needs. surveying your choices, you can think about your goals for your refinance.
Making Your Payments Lower
Are achieving reduced mortgage payments and a better rate your main reasons for refinancing? In that case, getting a low, fixed-rate loan might be a wise choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the mortgage, even if interest rates rise. This kind of loan can be particularly a wise choice if you aren't planning a move within the next 5 years or so. However, an ARM with a initial low payment may be a wiser way to lower your mortgage payments if you plan on moving within the near future.
Please note that by refinancing your existing loan, your total finance charges may be higher over the life of the loan.
Are you refinancing mainly to pull out some equity for an infusion of cash? Maybe you're planning a special vacation; you have to pay college tuition for your child; or you are updating your kitchen. So you want to look for a loan for more than the balance remaining on your present mortgage.Then you want If you've had your existing mortgage loan for quite a while and/or have a loan whose interest rate is high, you might\could be able to do this without making your mortgage payment bigger.
Do you want to pull out some equity to consolidate additional debt? Excellent idea! If you hold some debt with higher interest (such as credit cards or car loans), you may be able to pay that debt off with a lower rate loan through your refinance, if you have enough home equity.
Building up Equity More Quickly
Are you dreaming of paying off your loan sooner, while beefing up your home equity more quickly? Consider refinancing with a shorterterm loan, like a 15-year mortgage. Although your mortgage payment amount will usually be increased, you will be paying less interest; so your equity amount will build up faster. Conversely, if your current long-term mortgage loan has a low balance remaining, and was closed a number of years ago, you could be able to make the switch without paying more each month. To help you determine your options and the numerous benefits in refinancing, please contact us at (434) 975-5626. We can help you reach your goals!
Curious about refinancing your home? Call us: (434) 975-5626.
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