Selecting a Refinancing Loan
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There are a huge number of refinancing options available to borrowers. We can guide you to choose the refinance loan program that will fit your financial situation the best. Call us at 918-633-9916 to get things started. There are several questions to ask yourself as you review your choices.
Reducing Your Monthly Payments
Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the right option for you. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage will remain at the same, low interest rate, unlike an ARM. This kind of loan is especially a wise idea if you don't think you'll be selling your home within the next five years or so. However, an ARM with a initial low payment could be a smarter way to lower your monthly payments if you expect to move within the near future. As a result of refinancing, your total finance charges may be higher over the life of the loan.
Are you wanting to cash out some of your equity in your refinance? It could be you're planning a special vacation; you have to pay college tuition for your child; or you are updating your kitchen. With this in mind, you'll want to find a loan for more than the balance remaining of your existing mortgage.Then you'll want You might not have an increase in your mortgage payment, however, if you have had your current mortgage for a long time, and/or your interest rate is high.
Consolidating Your Debt
Maybe you'd like to pull out a portion of the equity in your home (cash out) to put 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 (such as home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars each month.
Getting a Shorter Term Loan
Do you hope to build up equity more quickly, and have your mortgage paid off faster? If this is your wish, your refinance loan can change you to a mortgage loan program with a shorter term, for example: a 15 year loan. You will be paying less interest and growing your equity more quickly, even though your payments will usually be higher than you have been paying. But, you might be able to make the change without much increase in your monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the remaining balance is small. You could even make it lower! To help you figure out your options and the multiple benefits in refinancing, please call us at
918-633-9916. We will help you reach your goals!
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