Selecting a Refinancing Program
There are an enormous number of refinancing programs available to borrowers. Call us at 952 417 8481 and we will match you with the refinance loan program that best fits you. There are some general questions to ask yourself while you review your options.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the best loan program for you. Perhaps you are now in a mortgage loan with a high, fixed interest rate, or a loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your mortgage loan, even if interest rates rise. If you aren't planning on moving in the near future (about five years), a fixed-rate mortgage can particularly be a great loan option. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower monthly payments.
Are you wanting to cash out some of your equity in your refinance? Perhaps you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you plan to renovate your home. Then you'll want to get a loan for more than the balance remaining of your existing mortgage.With this goal, you will You will be looking for a loan for a higher amount than the balance remaining of your present mortgage in that case. If you've had your current mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment higher.
Do you hold other debt, maybe with a high interest rate, that you want to consolidate? If you have built up some home equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) may help save you a chunk of money every month.
Paying it off Faster
Are you dreaming of paying your loan off sooner, while beefing up your home equity quicker? If this is your hope, your refinance can move you to a loan program with a short, like a 15 year loan. Even though your mortgage payment amount will likely be more, you can save on interest; so your equity will build up faster. However, if you have held your existing 30 year mortgage loan for a long time and the loan balance is somewhat low, you might be do this without increasing your monthly payment — you may even be able to save! To help you determine your options and the numerous benefits of refinancing, please contact us at 952 417 8481. We will help you reach your goals!
Want to know more about refinancing your home? Call us at 952 417 8481.