Choosing a Refinancing Option
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When you are overwhelmed with so many options, it may seem like there are even more refinance loan programs than borrowers! Call us at (918) 748-4470 and we will work with you to qualify you for the best refinance loan for your financial situation. surveying your options, you'll need to list what you want to achieve with the refinance.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, a good option may be a low fixed-rate loan. Maybe you are presently in a mortgage 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 the mortgage, even when interest rates rise. If you are not expecting to move in the near future (about 5 years), a fixed-rate mortgage can especially be a great choice. But if you do expect to sell your home more quickly, you will need to consider an ARM with a low initial rate to get reduced payments.
Are you refinancing primarily to pull out some home equity for an infusion of cash? Your house needs updating; your daughter has been accepted to college and needs tuition; or you are planning a special vacation. So you will need to find a loan for more than the balance remaining of your current mortgage.So you want However, if your mortgage rate is currently high and you've had it for quite a few years, you may be able to accomplish your goals without an increase in your mortgage payment.
Do you want to pull out some of your home equity to consolidate other debt? Yes you can! If you own some higher interest debts (like credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have enough equity.
Paying it off Sooner
Are you dreaming of paying your loan off faster, while beefing up your home equity faster? If this is your hope, the refinance loan can change you to a mortgage loan program with a short, such as a 15 year loan. Your payments will probably be more than with your long-term loan, but in exchange, that you will pay considerably less interest and can build up equity quicker. On the other hand, if your current longer term loan has a small balance remaining, and was closed a while ago, you may be able to make the move without paying more each month. To help you understand your options and the many benefits in refinancing, please call us at (918) 748-4470. We are here to help you reach your goals!
Curious about refinancing? Give us a call: (918) 748-4470.