Refinancing: Which Program is for You?
There are not as many loan program choices as there are borrowers, but sometimes it feels like it! Contact us at (813) 657-2427 and we can match you with the loan program that fits you best. What are your reasons for your refinance loan? Considering in mind the following will help you narrow your choices.
Refinancing to Cash Out
Is your refinance goal primarily to pull out some of your home equity for an infusion of cash? Your house needs updating; your son has gone to college and needs tuition; or you are taking your family on a cruise. In this case, you will want to get a loan above the balance remaining of your existing mortgage.So you will want You might not have an increase in your mortgage payment, however, if you've had your current loan for a while, and/or your loan interest rate is high.
Consolidating Your Debt
Do you have other debt, maybe with a higher interest rate, that you need to consolidate? If you have enough home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) may be able to save you a lot of money each month.
Switching to a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while beefing up your equity more quickly? Consider refinancing with a short-term loan, such as a 15-year mortgage loan. The mortgage payments will likely be more than they were with your longer term mortgage loan, but in exchange, that you will pay substantially less interest and will build up equity more quickly. On the other hand, if your current longer term loan has a small remaining balance, and was closed a number of years ago, you may even be able to make the change without paying more each month. To help you understand your options and the multiple benefits in refinancing, please call us at 866-584-4650. We are here for you.