Selecting a Refinancing Option
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Even though it may seem like it at times, there aren't as many loan programs as there are borrowers! Contact us at 620-662-0091 and we can work with you to qualify you for the perfect loan program to fit your financial needs. surveying your choices, you can determine what you want to achieve with the refinance.
Lowering Your Payments
Are achieving better monthly payments and an improved rate your main refinance goals? Then a low, fixed rate loan may be the best choice for you. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage with which the interest rate varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you aren't planning on moving in the near future (about 5 years), a fixed-rate mortgage can especially be a great loan option. However, an ARM with a initial low payment may be a better way to lower your mortgage payments if you expect to move within the near future.
Getting Out some Cash
Is "cashing out" your main reason for refinancing? Your house needs updating; your daughter has been accepted to University and needs tuition money; or you are taking your family on a cruise. So you will want to find a loan for more than the balance remaining on your current mortgage.Then you will want If you've had your existing mortgage 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 Your Debt
Do you hold other debt, perhaps with high interest, that you want to consolidate? If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (such as car loans, credit cards, student loans, or home equity loans) means you may be able to save hundreds of dollars monthly.
Paying it off Sooner
Are you wanting to fatten up your equity faster, and pay off your mortgage more quickly? Consider refinancing to a shorterterm loan, such as a 15-year mortgage. Your monthly payments will likely be more than they were with the long-term mortgage loan, but in exchange, that you will pay considerably less interest and can build up equity quicker. But, you may be able to make the change without a bigger monthly payment if your long term mortgage loan was closed a while ago, and the balance remaining is low. You may even make it lower! To help you determine your options and the multiple benefits of refinancing, please contact us at 620-662-0091. We are here for you.
Curious about refinancing your home? Call us: 620-662-0091.