Refinancing: Which Program is for You?

Although it seems like it at times, there aren't as many refinance loan programs as there are applicants! We can guide you to select the loan program that can fit your financial situation the best. Contact us at 248-644-1200 to get started. In order to review your options, you will need to list your goals for the refinance.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan might be a good option for you. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — with which the rate of interest can vary. Even when interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you are planning to stay in your home for about five more years, a fixed-rate loan may be a particulary good choice for you. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve reduced payments.

Getting Out some Cash

Are you planning to cash out some of your equity in your refinance? It could be you're planning a special vacation; you have to pay college tuition for your child; or you plan to renovate your home. So you will want to find a loan higher than the remaining balance on your current mortgage loan.Then you want to qualify for a loan program for a bigger number than the balance remaining on your current mortgage. If you've had your current mortgage loan for a long time and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment bigger.

Consolidating Your Debt

Do you want to pull out some home equity to consolidate additional debt? Great plan! If you have the equity in your home to make it work, paying off other high interest debt (like credit cards, home equity loans, or car loans) means you can possible save several hundred dollars each month.

Building up Equity More Quickly

Do you hope to build up home equity quicker, and pay off your mortgage faster? Consider refinancing with a shorterterm loan, like a 15-year mortgage. The mortgage payments will probably be more than with a longer term loan, but in exchange, that you will pay quite a bit less interest and can build up equity quicker. On the other hand, if your current long-term mortgage loan has a low balance remaining, and was closed a while ago, you may even be able to make the change without paying more each month. To help you determine your options and the many benefits in refinancing, please contact us at 248-644-1200. We are here for you.

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

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Looking to refinance your home? Fill out the following form to get a fast quote from us.

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