Which Refinancing Option is Right for You?

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There are a huge number of refinancing programs available to borrowers. Contact James at 1-708-647-5248 and James will match you with the refinance loan program that fits you best. There are several things to keep in mind while you look at the choices.

Reducing Your Monthly Payments

Is your refinance primarily to lower your rate and monthly payments? Then the best choice might be a low fixed-rate loan. Maybe you currently hold a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — in which the interest rate varies. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of the loan, even when interest rates rise. If you are not expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can especially be a great option. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve reduced payments.

Cashing Out

Are you wanting to cash out some of your equity in your refinance? Your home needs updating; your daughter has gone to University and needs tuition; or you are planning a special vacation. Then you'll want to look for a loan for more than the balance remaining of your current mortgage loan.So you will want However, if your loan interest rate is currently high and you have held it for a long time, you may be able to achieve your goals without an increase in your mortgage payment.

Consolidating Your Debt

Do you want to cash out some home equity to consolidate additional debt? Great plan! If you have built up some home equity, paying toward other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) could be able to save you a chunk of cash each month.

Paying it off Faster

Do you want to build up home equity more quickly, and have your mortgage paid off sooner? Consider refinancing with a short-term loan, such as a 15-year mortgage loan. You will be paying less interest and growing your home equity more quickly, although your monthly payments will likely be more than you have been paying. Conversely, if your current longer term mortgage loan has a small balance remaining, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you figure out your options and the multiple benefits in refinancing, please call James at 1-708-647-5248. We will help you reach your goals!

Curious about refinancing? Give James Culpepper a call: 7086475248.