Refinancing: Which Option is for You?

There aren't as many loan options as there are applicants, but sometimes it seems like it! Call us at 703.255-5810 and we'll help you qualify for the right refinance loan program to fit your financial situation. There are several questions to ask yourself while you look at your options.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan could be a wise choice for you. Maybe you now hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — where the interest rate can vary. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your loan, even as interest rates rise. This kind of loan can be particularly a good option if you don't think you'll be moving within the next 5 years or so. However, if you can see yourself moving within several years, an ARM mortgage with a small initial rate could be the ideal way to reduce your monthly payment.

Refinancing to Cash Out

Is your refinance goal primarily to "cash out" some home equity? Perhaps you're planning a special vacation; you need to pay tuition for your college-bound child; or you plan to renovate your home. So you'll need to get a loan for more than the remaining balance of your current mortgage loan.With this goal, you'll want However, if your mortgage rate is high now and you've held it for a long time, you may be able to reach your goals without making your monthly payments rise.

Consolidating Your Debt

Maybe you hope to pull out some equity (cash out) to use toward other debt. If you have enough equity, paying off other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) may help save you a lot of money every month.

Paying it off Faster

Are you dreaming of paying off your loan sooner, while building up your home equity faster? Then, you'll need to find out about refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. Your monthly payments will likely be more than with your long-term loan, but the pay-off is: you will pay substantially less interest and will build up equity quicker. However, if you have held your existing 30-year mortgage loan for a long time and the remaining balance is somewhat low, you might be able to do this without raising your monthly mortgage payment — you might even be able to save! To help you figure out your options and the many benefits of refinancing, please call us at 703.255-5810. We are here to help you reach your goals!

Want to know more about refinancing your home? Call us: 703.255-5810.

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