Choosing a Refinancing Loan

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When you are overwhelmed with so many options, it may seem as if there are even more loan programs than borrowers! Contact us at 727-466-4301 and we can help you qualify for the right refinance loan for your situation. What are your goals for your refinance loan? Keeping in mind the following will help you narrow your choices.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan may be a good option for you. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the rate of interest varies. Even if rates get higher later, unlike with your ARM, when you get a fixed-rate mortgage, you set that low interest rate for the term of your mortgage. This is especially a wise choice if you aren't expecting a move within the next 5 years or so. However, an ARM with a initial low payment may be a smarter way to reduce your payments if you expect to move in the next few years.

Cashing Out

Are you wanting to cash out some of your equity with your refinance? Maybe you want to update your kitchen, pay your child's college tuition bill, or go on a dream vacation. In this case, you will need to find a loan above the remaining balance on your present mortgage. Then you'll want to qualify for a loan program for a higher amount than the remaining balance on your present mortgage.

Consolidating Debt

Do you want to pull out some equity to consolidate additional debt? Yes you can! If you have a fair amount of home equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may help save you a chunk of cash every month.

Building up Equity More Quickly

Do you need to build up equity more quickly, and have your mortgage paid off faster? You should consider refinancing to a shorter term loan, like a 15-year mortgage. Although your mortgage payments will likely be increased, you will save on interest; so your equity amount will rise up faster. But, you may be able to switch without a bigger monthly mortgage payment if your longer term mortgage was closed a while back, and the balance remaining is small. We may even be able to make it lower! To help you figure out your options and the many benefits in refinancing, please contact us at 727-466-4301. We are here for you.

Curious about refinancing your home? Give us a call: 727-466-4301.

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Marc Moser / NMLS# 232625

Licensed in Florida

2451 N. McMullen Booth Rd. Ste. 306
Clearwater, FL 33759