Selecting a Refinancing Program

Even though it seems like it sometimes, there are not as many loan options as there are applicants! Call us at 407-583-6250 and we will help you qualify for the perfect refinance loan program for your financial situation. In order to review your options, you need to list your goals for your refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan might be a wise option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your mortgage, even as interest rates rise. If you are planning to live in your home for about five more years, a loan with a fixed rate may be an especially good option for you. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced mortgage payments.

Cashing Out

Is "cashing out" your primary reason for refinancing? Your home needs new carpet; your son has been accepted to University and needs tuition; or you are planning a special vacation. So you'll want to find a loan above the remaining balance of your current mortgage loan.So you want to need to qualify for a loan program for a bigger amount than the balance remaining on your existing mortgage. If you've had your existing mortgage loan for a number of years and/or have a high interest mortgage, you may be able to do this without making your mortgage payment higher.

Consolidating Debt

Maybe you hope to pull out some equity (cash out) to use toward other debt. If you have some debt with high interest (such as credit cards or car loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have enough home equity.

Building up Equity More Quickly

Are you planning to fatten up your equity faster, and pay your mortgage loan off more quickly? If this is your wish, the refinance can switch you to a mortgage program with a shorter term, like a 15 year loan. You will be paying less interest and increasing your equity more quickly, even though your payments will likely be more than you have been paying. But, you could be able to switch without a bigger monthly mortgage payment if your long term mortgage was closed a while ago, and the balance remaining is low enough. You could even make it lower! To help you figure out your options and the many benefits in refinancing, please contact us at 407-583-6250. We are here for you.

Curious about refinancing? Give us a call: 407-583-6250.

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