Which Refinancing Program is Best for You?

There aren't as many loan program choices as there are borrowers, but sometimes it feels like it! Call us at (718) 477-4405 and we can match you with the refinance loan program that fits you best. What do you hope to achieve with your refinance loan? Considering in mind the following will help you begin your decision process.

Making Your Payments Lower

Are getting better monthly payments and a lower rate your main reasons for refinancing? If so, a good option could be a low fixed-rate loan. Perhaps you are presently in a loan with a high, fixed interest rate, or a mortgage in which the interest rate varies - an adjustable rate mortgage (ARM). Even when rates get higher later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you set that low rate for the life of your mortgage. If you are expecting to live in your home for about five more years, a fixed-rate loan may be a particulary good fit for you. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower payments.

Getting Out some Cash

Is your refinance goal primarily to pull out some home equity for an infusion of cash? Your house needs new carpet; your daughter has been accepted to University and needs tuition; or you have a special family vacation planned. With this in mind, you'll need to qualify for a loan above the remaining balance on your present mortgage loan.In that case, you'll need You may not have an increase in your mortgage payemnt, though, if you've had your current mortgage loan for a while, and/or your loan interest rate is high.

Consolidating Debt

Do you hold other debt, perhaps with higher interest, that you want to consolidate? If you own some higher interest debts (such as credit cards or car loans), you may be able to take care of that debt with a loan with a lower rate with your refinance, if you have the right amount of home equity.

Paying it off Faster

Are you hoping to fatten your equity faster, and pay your mortgage loan off sooner? You should consider refinancing with a shorterterm loan, like a 15-year mortgage. You will be paying less interest and growing your equity faster, although your mortgage payments will usually be more than you have been paying. Conversely, 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 (718) 477-4405. We are here for you.

Want to know more about refinancing your home? Give us a call: (718) 477-4405.

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