Selecting a Refinancing Loan
The huge number of refinance options available to borrowers is truly breathtaking. Call us at (207) 571-8034 and we will match you with the refinance loan program that best fits you. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you narrow your choices.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan could be a wise option for you. Maybe you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — with which the interest rate can vary. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your loan, even when interest rates rise. If you plan to stay in your home for at least five more years, a loan with a fixed rate may be an especially good choice for you. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate to get reduced payments.
Are you wanting to cash out some of your equity with your refinance? Maybe you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. So you'll need to get a loan higher than the remaining balance on your present mortgage.So you will need If you've had your current mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.
Consolidating Your Debt
Do you want to pull out some of your equity to consolidate additional debt? Yes you can! If you have the home equity to make it work, paying off other high interest debt (like credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars monthly.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while beefing up your home equity faster? You should consider refinancing with a shorterterm loan, often a 15-year mortgage. Although your monthly payment amount will probably be more, you can save on interest; so your equity will rise up faster. But, you may be able to make the change without much increase in your monthly mortgage payment if your long term mortgage was closed a while back, and the balance remaining is low. You could even make it lower! To help you figure out your options and the many benefits in refinancing, please contact us at (207) 571-8034. We are here for you.
Want to know more about refinancing your home? Call us at (207) 571-8034.