Selecting a Refinancing Program
The number of refinance options available can be overwhelming. We can help you locate the refinance program that will fit your financial situation the best. Call us at (718) 477-4405 to begin the process. There are several questions to ask yourself while you consider your choices.
Making Your Payments Lower
Are achieving reduced mortgage payments and an improved rate your main refinance goals? In that case, getting a low, fixed-rate loan may be a good option for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your mortgage, even if interest rates rise. If you plan to stay in your home for at least five more years, a fixed rate mortgage may be a particulary good fit for you. However, if you do see yourself moving in the near future, an ARM mortgage with a small initial rate might be the best way to bring down your monthly payments.
Are you refinancing mainly to pull out some equity for an infusion of cash? It could be you want to update your kitchen, take care of your college kid's tuition, or go on a special family vacation. So you want to look for a loan above the remaining balance on your present mortgage loan.So you You'll be looking for a loan for a higher amount than the remaining balance of your present mortgage loan in this case. However, if your mortgage rate is high now and you've had it for quite a few years, you may be able to accomplish your goals without a rise in your mortgage payment.
Consolidating Your Debt
Do you hold other debt, maybe with a high interest rate, that you want to consolidate? If you own some debt with steep interest (like 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 equity.
Paying it off Faster
Are you dreaming of paying your loan off sooner, while beefing up your home equity more quickly? If this is your plan, the refinance loan can change you to a loan program with a short, like a 15 year loan. Although your monthly payment amount will likely be increased, you can be paying less interest; so your home equity will build up faster. But, you might be able to switch without much increase in your monthly payment if your long term mortgage loan was closed a while ago, and the remaining balance is low enough. You may even pay less! To help you understand your options and the multiple benefits in refinancing, please contact us at (718) 477-4405. We can help you reach your goals!
Curious about refinancing? Give us a call: (718) 477-4405.