Choosing a Refinancing Program

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There are not as many refinance loan options as there are applicants, but at times it seems like it! Contact us at 312-806-9309 and we'll help you qualify for the best refinance loan program for your needs. What are your reasons for refinancing? Considering in mind the information below will help you narrow your choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan could be a wise choice for you. Maybe you now have a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — in which the interest rate can vary. Even when rates come up later, unlike with your ARM, when you close a mortgage with a fixed rate, you lock in that low interest rate for the term of your mortgage. This is particularly a wise idea if you don't think you'll be selling your home within the next five years or so. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower payments.

Getting Out some Cash

Are you hoping to cash out some of your home equity in your refinance? Maybe you want to make home improvements, pay your child's college tuition bill, or go on a special family vacation. In this case, you will need to apply for a loan higher than the remaining balance of your present mortgage.With this goal, you'll need You may not increase your monthly payemnt, however, if you have had your current mortgage for a long time, and/or your interest rate is high.

Debt Consolidation

Maybe you'd like to pull out some equity (cash out) to use toward other debt. If you hold any higher interest debts (such as credit cards or car loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have the home equity built up to make it work.

Building up Equity More Quickly

Do you want to build up home equity quicker, and pay off your mortgage more quickly? In that case, you want to look into refinancing to a short term mortgage - such as a fifteen-year mortgage loan. You will be paying less interest and growing your equity more quickly, although your mortgage payments will likely be more than you were paying. But, you could be able to make the change without much increase in your monthly payment if your long term mortgage was closed a while ago, and the balance remaining is somewhat low. You may even pay less! To help you understand your options and the many benefits of refinancing, please contact us at 312-806-9309. We will help you reach your goals!

Curious about refinancing? Give us a call at 312-806-9309.