Selecting a Refinancing Program
The huge number of refinance options available is truly breathtaking. We can help you select the refinance loan program that can fit your needs the best. Call us at 703-288-0777 to get things started. There are several things to bear in mind as you consider your options.
Lowering Your Payments
Are achieving reduced monthly payments and a lower rate your main refinance goals? In that case, applying for a low, fixed-rate loan could be a wise option for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your mortgage, even as interest rates rise. If you are planning to stay in your home for at least five more years, a fixed rate mortgage may be an especially good choice for you. However, if you can see yourself moving within several years, an adjustable rate mortgage with a low initial rate may be the ideal way to lower your monthly payments.
Getting Out some Cash
Is "cashing out" your primary purpose for your refinance? Your house needs improvements; your son has been accepted to college and needs tuition; or you are taking your family on a cruise. In this case, you want to get a loan for more than the remaining balance of your current mortgage.With this goal, you want You may not increase your mortgage payemnt, however, if you've had your existing mortgage loan for a number of years, and/or your loan interest rate is high.
Do you hold other debt, maybe with high interest, that you need to consolidate? If you have built up some home equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could be able to save you a lot of cash every month.
Building up Equity Faster
Are you dreaming of paying off your loan more quickly, while building up your equity faster? You should consider refinancing to a short-term loan, such as a 15-year mortgage. Although your mortgage payment amount will probably be increased, you can be paying less interest; so your equity amount will build up faster. On the other hand, if your current longer term loan has a low balance remaining, and was closed a while ago, you might be able to make the switch without paying more each month. To help you determine your options and the multiple benefits in refinancing, please call us at 703-288-0777. We can help you reach your goals!
Curious about refinancing your home? Call us: 703-288-0777.
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