Which Refinancing Option is Best for You?
There are a huge number of refinancing programs available to borrowers. We can help you find the refinance loan program that will fit your situation the best. Call us at 248-644-1200 to get things started. In the interest of looking at your choices, you'll need to list your goals for your refinance.
Making Your Payments Lower
Are getting better monthly payments and an improved rate your main refinance goals? If so, applying for a low, fixed-rate loan may be a good option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even as interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. This is particularly a good option if you don't think you'll be selling your home within the next five years or so. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve reduced payments.
Refinancing to Cash Out
Are you hoping to cash out some of your home equity in your refinance? Your home needs improvements; your daughter has been accepted to University and needs tuition money; or you are taking your family on a cruise. So you need to get a loan higher than the remaining balance of your present mortgage loan.With this goal, you will want You might not have an increase in your mortgage payemnt, however, if you've had your existing mortgage loan for a number of years, and/or your loan interest rate is high.
Consolidating Your Debt
Maybe you want to cash out some of the home equity (cash out) to put toward other debt. If you have any debt with high interest (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have the right amount of home equity.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while beefing up your home equity more quickly? In that case, you need to find out about refinancing to a short term mortgage loan - for example, a fifteen-year loan. The monthly payments will likely be more than with a longer term loan, but the pay-off is: you will pay considerably less interest and will build up equity quicker. But, you may be able to make the change without much increase in your monthly payment if your long term mortgage loan was closed a while back, and the remaining balance is small. You could even make it lower! To help you understand your options and the numerous benefits of refinancing, please contact us at 248-644-1200. We can help you reach your goals!
Curious about refinancing your home? Give us a call at 248-644-1200.
Get a Refinance Quote
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