Which Refinancing Option is Right for You?

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The huge number of refinance options available to borrowers is truly breathtaking. Contact us at 770-270-9044 and we'll help you qualify for the right loan program to fit your situation. What are your reasons for refinancing? Keeping in mind the following will help you narrow your choices.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan could be a wise choice for you. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a mortgage with which the interest rate varies : an adjustable rate mortgage (ARM). Even if rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in the low interest rate for the term of your mortgage. If you expect to stay in your home for about five more years, a fixed-rate loan may be an especially good option for you. On the other hand, if you can see yourself moving within several years, an ARM mortgage with a low initial rate could be the best way to bring down your monthly payment. By refinancing your current loan, your total finance charges could be higher over the life of the loan.

Getting Out Some Cash

Is your refinance goal mainly to pull out some of your equity for an infusion of cash? Your home needs renovating; your daughter has been accepted to college and needs tuition money; or you are taking your family on a cruise. So you need to get a loan for more than the remaining balance of your existing mortgage loan.So you will You will need to qualify for a loan for more than the current balance of your present mortgage loan in that case. You might not have an increase in your mortgage payment, however, if you have had your existing mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Debt

Do you have other debt, maybe with high interest, that you want to consolidate? If you own any higher interest debts (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 equity built up to make it work.

Paying it off Faster

Are you dreaming of paying your loan off sooner, while building up your home equity quicker? Then, you'll want to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. Although your monthly payment amount will likely be more, you can save on interest; so your equity amount will rise up faster. But, you may be able to make the change without a higher monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the balance remaining is low enough. You may even pay less! To help you determine your options and the multiple benefits of refinancing, please contact us at 770-270-9044. We are here for you.