Choosing a Refinancing Program
There are a huge number of refinancing options available to borrowers. We can guide you to locate the loan program that can fit your needs the best. Contact us at 703.255-5810 to get things started. There are some general things to bear in mind while you consider the choices.
Lowering Your Payments
Are achieving reduced monthly payments and a better rate your main refinance goals? If so, getting a low, fixed-rate loan might be a good option for you. Perhaps you currently hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — with which the interest rate varies. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of the mortgage, even as interest rates rise. If you aren't planning on moving in the near future (about five years), a fixed rate mortgage loan can particularly be a good choice. However, if you do see yourself selling your home within several years, an ARM with a small initial rate may be the best way to reduce your monthly payment.
Is "cashing out" your primary purpose for refinancing? Maybe you want to make home improvements, pay your child's college tuition bill, or go on a special family vacation. So you will want to find a loan for more than the remaining balance on your current mortgage.So you'll want If you've had your current mortgage loan for quite a while and/or have a loan with high interest, you may be able to do this without making your monthly payment higher.
Do you want to pull out some of your equity to consolidate other debt? Yes you can! If you have the equity in your home for it, taking care of other high interest debt (for example: credit cards, home equity loans, or car loans) means you may be able to save hundreds of dollars per month.
Paying it off Sooner
Are you hoping to fatten up your equity faster, and pay your mortgage loan off more quickly? In that case, you need to find out about refinancing to a short term mortgage - like a fifteen-year loan. You will be paying less interest and increasing your equity more quickly, although your monthly payments will usually be higher than you were paying. Conversely, if your current longer term mortgage has a low balance remaining, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you figure out your options and the numerous benefits in refinancing, please call us at 703.255-5810. We can help you reach your goals!
Curious about refinancing your home? Give us a call: 703.255-5810.