Which Refinancing Program is Right for You?

Although it may seem like it sometimes, there are not as many loan options as there are applicants! We can guide you to locate the refinance program that will fit your needs the best. Call us at 248-644-1200 to get things started. There are several things to keep in mind while you look at the choices.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the best choice for you. Maybe you currently hold a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — with which the rate of interest varies. Even when interest rates rise, a fixed-rate mortgage will stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be particularly a good choice if you aren't planning a move within the next five years or so. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower monthly payments.

Cashing Out

Are you refinancing primarily to pull out some equity for an infusion of cash? Your home needs updating; your daughter has been accepted to University and needs tuition money; or you have a special family vacation planned. So you want to get a loan above the balance remaining of your present mortgage loan.So you You will want to apply for a loan for a bigger amount than the current balance on your present mortgage in that case. If you've had your existing mortgage loan for a long time and/or have a mortgage whose interest rate is high, you may be able to do this without making your mortgage payment higher.

Consolidating Debt

Perhaps you'd like to pull out some of the equity in your home (cash out) to use toward other debt. If you have some higher interest debts (such as credit cards or car loans), you may be able to pay that debt off with a loan with a lower rate with your refinance, if you have enough home equity.

Building up Equity Faster

Do you hope to build up home equity more quickly, and have your mortgage paid off faster? In that case, you want to look into refinancing to a short term mortgage - such as a fifteen-year mortgage program. You will be paying less interest and growing your equity faster, although your monthly payments will generally be more than you have been paying. However, if you've had your existing 30-year mortgage for a number of years and the remaining balance is somewhat low, you might be able to do this without raising your monthly mortgage payment — you could even be able to save! To help you figure out your options and the multiple benefits of refinancing, please contact us at 248-644-1200. We are here for you.

Want to know more about refinancing your home? Call us at 248-644-1200.

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