Choosing a Refinancing Option

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When you are overwhelmed with all the choices, it may seem like there are even more refinance programs than applicants! We can help you select the loan program that will fit your needs the best. Call us at 260-338-2561 to get started. What are your goals for refinancing? Keeping in mind the following will help you begin your decision process.

Making Your Payments Lower

Are getting better monthly payments and an improved rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your mortgage loan, even if interest rates rise. This kind of loan is particularly a good option if you don't think you'll be selling your home within the next five years or so. However, an ARM with a low intitial payment could be a wiser way to lower your mortgage payments if you plan on moving in the near future.

Cashing Out

Are you planning to cash out some of your home equity with your refinance? Maybe you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are updating your kitchen. Then you want to get a loan for more than the remaining balance on your existing mortgage.Then you'll want You may not increase your mortgage payemnt, however, if you have had your existing mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Your Debt

Maybe you'd like to cash out some equity (cash out) to use toward other debt. If you own some debt with steep interest (such as credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of equity.

Paying it off Sooner

Are you wanting to fatten up your home equity faster, and pay your mortgage loan off sooner? If this is your plan, the refinance loan can switch you to a mortgage loan program with a shorter term, like a 15 year loan. You will be paying less interest and growing your equity faster, although your monthly payments will generally be bigger than you have been paying. Conversely, if your current longer term loan has a low balance remaining, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you determine your options and the many benefits in refinancing, please contact us at 260-338-2561. We can help you reach your goals!

Want to know more about refinancing? Call us at 260-338-2561.