Which Refinancing Option is Right for You?
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There are a huge number of refinancing programs available to borrowers. Contact us at 405-517-1576 and we'll work with you to qualify you for the best refinance loan for your financial situation. surveying your options, you can determine your goals for your refinance.
Lowering Your Payments
Are you refinancing primarily to lower your rate and monthly payments? If so, your best option may be a fixed-rate loan. Maybe you now have a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — where the interest rate can vary. Even as interest rates rise, a fixed rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you are not expecting to move in the near future (about five years), a fixed rate mortgage loan can especially be a good option. However, an ARM with a low initial payment may be a smarter way to lower your monthly payments if you plan on moving in the next few years.
Getting Out some Cash
Is "cashing out" your primary reason for your refinance? Your home needs updating; your son has been accepted to University and needs tuition money; or you are taking your family on a cruise. With this in mind, you'll want to get a loan above the balance remaining on your current mortgage.In this case, you will You'll need to qualify for a loan for more than the current balance on your current mortgage loan in that case. If you've had your existing mortgage loan for a number of years and/or have a mortgage whose interest rate is high, you may be able to do this without increasing your monthly payment.
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 can possible save hundreds of dollars in your budget each month.
Building up Equity Faster
Are you dreaming of paying your loan off sooner, while beefing up your home equity quicker? If this is your wish, then refinancing can change you to a mortgage program with a shorter term, like a 15-year loan. The mortgage payments will likely be higher than with a longer term mortgage loan, but in exchange, that you will pay substantially less interest and can build up equity quicker. However, if you've held your current 30-year mortgage for a number of years and the loan balance is rather low, you may be do this without increasing your mortgage payment — you could even be able to save! To help you figure out your options and the multiple benefits in refinancing, please contact us at 405-517-1576. We are here for you.
Curious about refinancing your home? Give us a call: 405-517-1576