Selecting a Refinancing Program

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Even though it seems like it sometimes, there are not as many refinance loan programs as there are borrowers! Contact us at (215) 661-9570 and we will match you with the refinance program that fits you best. There are several things to keep in mind as you look at the options.

Reducing Your Monthly Payments

Is your refinance primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan might be a good choice for you. Perhaps you are now in a mortgage with a high, fixed interest rate, or a mortgage in which the rate of interest varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you are not planning a move in the near future (about five years), a fixed-rate mortgage can especially be a wise loan option. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower monthly payments.

Cashing Out

Is your refinance goal primarily to "cash out" some home equity? It could be you're planning a special vacation; you have to pay college tuition for your child; or you plan to renovate your home. In this case, you'll want to apply for a loan above the balance remaining on your present mortgage.In that case, you will want If you've had your existing mortgage for quite a while and/or have a mortgage loan with a high interest rate, you may be able to do this without increasing your monthly payment.

Consolidating Debt

Do you hold other debt, maybe with high interest, that you want to consolidate? If you hold some higher interest debts (like credit cards or car loans), you may be able to pay that debt off with a lower rate loan through your refinance, if you have enough equity.

Getting a Shorter Term Loan

Are you hoping to fatten your home equity faster, and get your mortgage paid off more quickly? In that case, you need to look into refinancing to a short term mortgage - for example, a fifteen-year mortgage program. Even though your mortgage payment amount will likely be increased, you will save on interest; so your equity amount will rise up faster. However, if you've had your current thirty year mortgage loan for a number of years and the remaining balance is rather low, you could be able to do this without increasing your monthly mortgage payment — you could even be able to save! To help you determine your options and the numerous benefits of refinancing, please call us at (215) 661-9570. We would love to help you reach your goals!

Want to know more about refinancing? Give us a call: (215) 661-9570.