Selecting a Refinancing Loan
There are a huge number of refinancing programs available to borrowers. Call us at 248-644-1200 and we can help you qualify for the perfect loan program for your financial needs. What do you hope to achieve with refinancing? Keeping in mind the information below will help you narrow your choices.
Reducing Your Monthly Payments
Are achieving reduced payments and a better rate your main refinance goals? If so, getting a low, fixed-rate loan could be a good option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the loan, even when interest rates rise. This is particularly a good option if you don't think you'll be selling your home within the next 5 years or so. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get lower monthly payments.
Are you refinancing mainly to "cash out" some home equity? Maybe you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you are planning some home improvements. With this in mind, you will need to qualify for a loan above the balance remaining on your present mortgage loan.So you will You'll be looking for a loan for a higher amount than the balance remaining of your existing mortgage loan in that case. However, if your loan interest rate is high now and you've had it for quite a few years, you may be able to reach your goals without a rise in your mortgage payment.
Maybe you'd like to cash out some home equity (cash out) to use toward other debt. If you own some debt with steep interest (like credit cards or car loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have enough equity.
Building up Equity More Quickly
Are you dreaming of paying off your loan sooner, while building up your equity faster? Then, you'll need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. The monthly payments will likely be higher than with your longer term mortgage loan, but in exchange, that you will pay considerably less interest and will build up equity more quickly. On the other hand, if your current longer term mortgage loan has a small remaining balance, and was closed a number of years ago, you may be able to make the move without paying more each month. To help you determine your options and the numerous benefits of refinancing, please call us at 248-644-1200. We are here for you.
Curious about refinancing? Give us a call: 248-644-1200.
Get a Refinance Quote
Looking to refinance your home? Fill out the following form to get a fast quote from us.