Choosing a Refinancing Program
There are an enormous number of refinancing options available to borrowers. Call us at (732) 969-9300 and we will match you with the loan program that is ideal for your needs. There are several questions to ask yourself as you consider your options.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? Then the best option could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your loan, even if interest rates rise. This kind of loan can be especially a wise option if you aren't planning a move within the next 5 years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.
Refinancing to Cash Out
Are you wanting to cash out some of your equity in your refinance? Your home needs updating; your son has been accepted to college and needs tuition money; or you have a special family vacation planned. Then you will need to qualify for a loan above the remaining balance of your existing mortgage.With this goal, you will want If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your monthly payment.
Perhaps you want to pull out some of the equity (cash out) to put toward other debt. If you hold some debt with high interest (like credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have the home equity built up to make it work.
Paying it off Sooner
Are you planning to fatten up your home equity faster, and pay off your mortgage loan more quickly? If this is your wish, the refinance mortgage can change you to a mortgage loan program with a shorter term, such as a 15 year loan. Your mortgage payments will probably be higher than they were with your longer term loan, but in exchange, you will pay quite a bit less interest and will build up equity quicker. On the other hand, if your current longer term mortgage loan has a low remaining balance, and was closed a while ago, you might be able to make the change without paying more each month. To help you determine your options and the multiple benefits of refinancing, please call us at (732) 969-9300. We are here for you.
Want to know more about refinancing? Give us a call at (732) 969-9300.