Choosing a Refinancing Program

Although it seems like it at times, there aren't as many refinance options as there are applicants! We can guide you to choose the refinance loan program that will fit your situation the best. Contact us at 5623200510 to get things started. There are some general questions to ask yourself while you consider your options.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? Then the best option could be a low fixed-rate loan. Maybe you now hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even as interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is especially a wise option if you don't think you'll be moving within the next five years or so. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Refinancing to Cash Out

Is your refinance goal primarily to pull out some equity for an infusion of cash? Your house needs updating; your son has been accepted to University and needs tuition money; or you have a special family vacation planned. In this case, you want to get a loan for more than the balance remaining on your existing mortgage loan.With this goal, you'll want You may not have an increase in your mortgage payemnt, however, if you've had your existing loan for a number of years, and/or your loan interest rate is high.

Consolidating Debt

Do you want to cash out some home equity to consolidate additional debt? Great idea! If you have some higher interest debts (like credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have the home equity built up to make it work.

Building up Equity More Quickly

Are you hoping to fatten up your equity faster, and pay your mortgage loan off more quickly? In that case, you'll need to find out about refinancing to a short term mortgage - like a fifteen-year loan. Your payments will probably be more than with a longer term mortgage, but the pay-off is: that you will pay substantially less interest and will build up equity quicker. But, you might be able to make the change without a higher monthly payment if your long term mortgage loan was closed a while back, and the balance remaining is somewhat low. You could even pay less! To help you understand your options and the many benefits of refinancing, please call us at 5623200510. We are here for you.

Curious about refinancing? Give us a call: 5623200510.

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Reliance Mortgage Service, Inc

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