Selecting a Refinancing Loan
There are a huge number of refinancing programs available to borrowers. We can guide you to locate the refinance loan program that can fit your situation the best. Call us at (732) 969-9300 to begin the process. surveying your options, you'll need to list what you want to achieve with the refinance.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan could be a wise choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even as interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. This is particularly a wise idea if you aren't expecting a move within the next five years or so. However, an ARM with a initial low payment may be a better way to lower your mortgage payments if you plan on moving in the next few years.
Is "cashing out" your main purpose for your refinance? Your house needs new carpet; your daughter has been accepted to college and needs tuition money; or you are taking your family on a cruise. Then you will need to find a loan for more than the balance remaining of your existing mortgage loan.Then you will want You may not have an increase in your monthly payemnt, though, if you've had your current loan for a long time, and/or your loan interest rate is high.
Do you want to pull out some of your equity to consolidate other debt? Yes you can! If you have built up some home equity, paying off other debt with higher interest that your home loan (credit cards or home equity loans, for example) might help save you a lot of money each month.
Paying it off Faster
Do you plan to build up home equity more quickly, and have your mortgage paid off sooner? If this is your wish, your refinance loan can change you to a mortgage program with a short, like a 15 year loan. You will be paying less interest and growing your equity more quickly, although your payments will generally be bigger than they were. However, if you have held your existing thirty year loan for a long time and the remaining balance is relatively low, you might be do this without increasing your mortgage payment — it's even possible to save! To help you figure out your options and the numerous benefits in refinancing, please call us at (732) 969-9300. We would love to help you reach your goals!
Curious about refinancing? Give us a call: (732) 969-9300.