Which Refinancing Program is Right for You?

Even though it may seem like it at times, there are not as many loan programs as there are applicants! Call us at 703-288-0777 and we can work with you to qualify you for the right loan program to fit your situation. In the interest of looking at your options, you will need to think about what you want to achieve with your refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the ideal option for you. Perhaps you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — with which the rate of interest can vary. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of the mortgage, even as interest rates rise. This can be particularly a wise choice if you don't plan to move within the next five years or so. However, if you do see yourself moving before too long, an ARM with a small initial rate could be the best way to reduce your monthly payments.

Refinancing to Cash Out

Are you planning to cash out some of your home equity with your refinance? Perhaps you want to make home improvements, take care of your college kid's tuition, or go on a special family vacation. So you will want to find a loan higher than the remaining balance of your present mortgage.So you will want If you've had your current mortgage for quite a while and/or have a mortgage loan whose interest rate is high, you might\could be able to do this without making your monthly payment higher.

Consolidating Debt

Do you want to cash out some of your home equity to consolidate additional debt? Great plan! If you have the home equity for it, paying off other high interest debt (such as car loans, credit cards, student loans, or home equity loans) means you can save possibly hundreds of dollars a month.

Getting a Shorter Term Loan

Are you dreaming of paying off your loan sooner, while beefing up your equity quicker? If this is your hope, the refinance 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 increasing your equity more quickly, even though your mortgage payments will usually be more than you have been paying. However, if you have had your existing 30-year loan for a number of years and the remaining balance is somewhat low, you might be able to do this without increasing your monthly payment — you may even be able to save! To help you determine your options and the multiple benefits in refinancing, please contact us at 703-288-0777. We are here for you.

Curious about refinancing? Call us: 703-288-0777.

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