Which Refinancing Program is Right for You?

Even though it may seem like it at times, there are not as many loan programs as there are borrowers! Contact us at 5623200510 and we can match you with the loan program that best fits you. There are some general questions to ask yourself while you review your options.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? If so, the best choice might be a low fixed-rate loan. Perhaps you are currently in a loan with a high, fixed interest rate, or a loan in which the interest rate varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of your mortgage, even as interest rates rise. This can be especially a good idea if you don't expect to sell your home within the next 5 years or so. However, if you can see yourself selling your home before too long, an ARM with a low initial rate may be the best way to reduce your monthly payment.

Cashing Out

Is "cashing out" your main purpose for your refinance? Your house needs improvements; your son has been accepted to college and needs tuition; or you have a special family vacation planned. Then you will want to get a loan above the balance remaining of your current mortgage.In that case, you want to need to get a loan program for a bigger amount than the balance remaining on your current mortgage. However, if your loan interest rate is high now and you've had it for quite a few years, you could be able to reach your goals without an increase in your mortgage payment.

Consolidating Debt

Perhaps you want to pull out some of the equity (cash out) to put toward other debt. If you own some higher interest debts (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate with your refinance, if you have the equity built up to make it work.

Building up Equity Faster

Do you want to build up home equity more quickly, and have your mortgage paid off faster? You should consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. Your payments will probably be higher than they were with a long-term mortgage loan, but the pay-off is: that you will pay considerably less interest and can build up equity more quickly. Conversely, if your current long-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 understand your options and the numerous benefits in refinancing, please contact us at 5623200510. We are here for you.

Curious about refinancing? Call us: 5623200510.

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Reliance Mortgage Service, Inc

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