Which Refinancing Program is Right for You?
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There aren't as many refinance loan programs as there are applicants, but it seems like it at times! Contact us at 1-844-MBROKER (1-844-627-6537) and we can match you with the loan program that best fits you. In order to review your options, you can list your goals for your refinance.
Making Your Payments Lower
Is your refinance primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan could be a good option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even if interest rates rise, a fixed-rate mortgage will remain at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for at least five more years, a fixed rate loan may be an especially good choice for you. However, an ARM with a low initial payment could be a better way to reduce your mortgage payments if you expect to move in the next few years. Refinancing may also cause your total finance charges to be more over the life of the loan.
Getting Out Some Cash
Is "cashing out" your primary reason for your refinance? It could be you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you are planning some home improvements. So you will need to get a loan above the balance remaining of your present mortgage loan.In this case, you will You will be looking for a loan for more than the remaining balance on your present mortgage loan in that case. If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment higher.
Consolidating Your Debt
Do you have other debt, perhaps with higher interest, that you need to consolidate? If you have some debt with higher interest (such as credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have enough home equity.
Paying it off Sooner
Are you dreaming of paying your loan off sooner, while beefing up your home equity quicker? If this is your wish, your refinance loan can move you to a mortgage program with a short, for example: a 15 year loan. The mortgage payments will probably be higher than they were with the longer term loan, but the pay-off is: you will pay quite a bit less interest and will build up equity quicker. Conversely, if your existing long-term mortgage loan has a small balance remaining, and was closed a while ago, you may be able to make the switch without paying more each month. To help you understand your options and the many benefits of refinancing, please contact us at
1-844-MBROKER (1-844-627-6537). We are here for you.
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