Refinancing: Which Option is for You?

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When you are overwhelmed with all the options, it may seem like there are even more refinance loan programs than applicants! Contact us at (859) 240-1231 and we can match you with the refinance program that best fits you. surveying your choices, you can consider what you want to achieve with the refinance.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan could be a good choice for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). 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. If you are planning to stay in your home for about five more years, a fixed rate mortgage may be an especially good option for you. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate to get lower monthly payments.

Refinancing to Cash Out

Is "cashing out" your primary purpose for refinancing? It could be you need to update your kitchen, pay your child's college tuition bill, or take your dream vacation. Then you need to look for a loan higher than the remaining balance of your current mortgage loan.So you'll You'll be looking for a loan for more than the current balance on your current mortgage in that case. You may not have an increase in your mortgage payment, though, if you have had your existing mortgage for a number of years, and/or your interest rate is high.

Consolidating Debt

Do you want to pull out some home equity to consolidate other debt? Great plan! If you have built up some home equity, paying toward other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) may help save you a chunk of money each month.

Paying it off Faster

Are you wanting to fatten your home equity faster, and get your mortgage paid off more quickly? Consider refinancing with a short-term loan, like a 15-year mortgage. Even though your mortgage payment amount will usually be increased, you can be paying less interest; so your equity will rise up faster. But, you may be able to make the change without a bigger monthly payment if your long term mortgage was closed a while back, and the remaining balance is low enough. You could even pay less! To help you understand your options and the many benefits of refinancing, please call us at (859) 240-1231. We are here to help you reach your goals!

Curious about refinancing your home? Call us: (859) 240-1231.