Which Refinancing Program is Right for You?

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There are an enormous number of refinancing options available to borrowers. We can guide you to choose the refinance program that will fit your situation the best. Contact us at 718-766-9112 to get started. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.

Reducing Your Monthly Payments

Are getting reduced monthly payments and an improved rate your main refinance goals? In that case, applying for a low, fixed-rate loan might be a wise option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even when interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. If you plan to live in your home for about five more years, a fixed rate mortgage may be an especially good choice for you. On the other hand, if you can see yourself moving in the near future, an adjustable rate mortgage with a small initial rate could be the best way to reduce your monthly payment.

Cashing Out

Is "cashing out" your primary purpose for your refinance? Your house needs renovating; your daughter has been accepted to University and needs tuition; or you are planning a special vacation. With this in mind, you want to qualify for a loan for more than the remaining balance on your current mortgage.So you will want You might not have an increase in your mortgage payemnt, though, if you have had your existing mortgage for a while, and/or your interest rate is high.

Debt Consolidation

Maybe you want to pull out some of the home equity (cash out) to use toward other debt. If you have enough home equity, paying toward other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) could be able to save you a lot of money each month.

Getting a Shorter Term Loan

Do you plan to build up home equity more quickly, and have your mortgage paid off more quickly? If this is your plan, the refinance can move you to a loan program with a shorter term, such as a 15 year loan. You will be paying less interest and increasing your equity faster, even though your payments will generally be bigger than you were paying. Conversely, if your existing longer term mortgage loan has a small remaining balance, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you understand your options and the many benefits of refinancing, please call us at 718-766-9112. We are here for you.

Want to know more about refinancing your home? Call us: 718-766-9112.