Which Refinancing Program is Best for You?

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There are a huge number of refinancing options available to borrowers. Call us at (585) 872-1486 and we'll help you qualify for the best refinance loan program to fit your needs. surveying your options, you will need to determine your goals for your refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even as interest rates rise, a fixed-rate mortgage will remain at the same, low interest rate, unlike an ARM. If you are expecting to stay in your home for about five more years, a fixed-rate loan may be a particularly good fit for you. But if you do plan to move more quickly, you will want to consider an ARM with a low initial rate to get lower payments.

Getting Out some Cash

Is "cashing out" your main reason for your refinance? Your house needs renovating; your daughter has been accepted to college and needs tuition; or you have a special family vacation planned. In this case, you will want to get a loan above the remaining balance of your present mortgage loan.With this goal, you want to need to qualify for a loan for a bigger amount than the remaining balance on your existing mortgage loan. If you've had your current mortgage for quite a while and/or have a mortgage loan whose interest rate is high, you may be able to do this without making your monthly payment bigger.

Consolidating Debt

Perhaps you hope to pull out some equity in your home (cash out) to use toward other debt. If you have the equity in your home for it, taking care of other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you may be able to save hundreds of dollars a month.

Switching to a Shorter Term Loan

Do you need to build up home equity more quickly, and pay off your mortgage more quickly? If this is your wish, your refinance loan can switch you to a mortgage program with a shorter term, like a 15 year loan. You will be paying less interest and growing your home equity more quickly, although your payments will usually be higher than you were paying. Conversely, if your existing longer term mortgage loan has a small balance remaining, and was closed a number of years ago, you may be able to make the change without paying more each month. To help you determine your options and the multiple benefits in refinancing, please contact us at (585) 872-1486. We are here for you.

Want to know more about refinancing? Call us: (585) 872-1486.