Choosing a Refinancing Loan
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There are not as many loan program choices as there are applicants, but it feels like it sometimes! Call us at (954) 539-2000 and we will match you with the loan program that best fits you. In the interest of looking at your choices, you can think about what you want to achieve with the refinance.
Lowering Your Payments
Are you refinancing primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan might be a good choice for you. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage loan must stay at the same, low interest rate, unlike an ARM. This kind of loan is especially 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 could be a smarter way to reduce your monthly payments if you expect to move in the next few years.
Getting Out some Cash
Is "cashing out" your main purpose for your refinance? Perhaps you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you plan to renovate your home. So you want to get a loan above the balance remaining of your current mortgage loan.With this goal, you want If you've had your existing mortgage loan for quite a while and/or have a mortgage loan with high interest, you might\could be able to do this without increasing your monthly payment.
Maybe you'd like to cash out some of the equity (cash out) to use toward other debt. If you have some debt with high interest (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have the right amount of equity.
Getting a Shorter Term Loan
Do you plan to build up equity quicker, and pay off your mortgage more quickly? If this is your goal, the refinance loan can move you to a mortgage loan program with a short, such as a 15 year loan. The mortgage payments will probably be more than with your long-term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and will build up equity quicker. On the other hand, if your existing long-term loan has a small remaining balance, and was closed a number of years ago, you may even be able to make the switch without paying more each month. To help you determine your options and the numerous benefits of refinancing, please contact us at (954) 539-2000. We are here for you.
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Broward: 954.539.2000 | Dade: 305.387.0345.