Selecting a Refinancing Program

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Even though it seems like it at times, there aren't as many refinance options as there are borrowers! Contact us at 718-441-7000 and we can match you with the refinance program that best fits you. What are your reasons for your refinance loan? Keeping in mind the information below will help you narrow your choices.

Making Your Payments Lower

Are achieving better payments and an improved rate your main reasons for refinancing? In that case, getting a low, fixed-rate loan may be a wise option for you. Perhaps you are now in a loan with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even when rates rise later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in that low interest rate for the life of your loan. If you aren't expecting to sell your home in the near future (about five years), a fixed rate mortgage loan can especially be a wise option. However, if you can see yourself moving in the near future, an ARM with a small initial rate could be the ideal way to bring down your monthly payment.

Refinancing to Cash Out

Are you hoping to cash out some of your home equity with your refinance? Your home needs updating; your son has gone to college and needs tuition; or you are planning a special vacation. So you will want to get a loan for more than the balance remaining on your existing mortgage loan.So you'll You will be looking for a loan for more than the remaining balance on your present mortgage in that case. 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 making your mortgage payment higher.

Consolidating Debt

Do you hold other debt, perhaps with high interest, that you'd like to consolidate? If you have the home equity to make it work, taking care of other debt with higher interest than the rate on your mortgage (such as credit cards, home equity loans, or car loans) means you may be able to save hundreds of dollars per month.

Switching to a Shorter Term Loan

Are you dreaming of paying off your loan more quickly, while building up your home equity more quickly? You should consider refinancing with a short-term loan, often a 15-year mortgage loan. The mortgage payments will probably be more than they were with your longer term mortgage, but the pay-off is: you will pay substantially less interest and will build up equity quicker. But, you could be able to switch without a higher monthly mortgage payment if your long term loan was closed a while back, and the remaining balance is low. You may even make it lower! To help you determine your options and the many benefits in refinancing, please contact us at 718-441-7000. We would love to help you reach your goals!

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