Selecting a Refinancing Option

The number of refinance options available to borrowers can be overwhelming. We can guide you to choose the refinance program that will fit your situation the best. Contact us at 504-866-5626 to get started. What are your goals for refinancing? Keeping in mind the information below will help you narrow your choices.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan could be a wise choice for you. Maybe you are now in a loan with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even when rates get higher later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you set the low interest rate for the life of your mortgage. If you aren't expecting to move in the near future (about 5 years), a fixed-rate mortgage can especially be a great loan option. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced monthly payments.

Refinancing to Cash Out

Are you refinancing primarily to "cash out" some home equity? Your house needs improvements; your son has gone to University and needs tuition money; or you have a special family vacation planned. With this in mind, you want to qualify for a loan above the balance remaining on your present mortgage.In this case, you'll You'll be looking for a loan for a higher amount than the current balance with your current mortgage in this case. However, if your mortgage rate is currently high and you've had it for quite a few years, you could be able to accomplish your goals without making your monthly payments increase.

Debt Consolidation

Do you want to pull out some of your home equity to consolidate other debt? Yes you can! If you have the equity in your home to make it work, taking care of other debt with higher interest than the rate on your mortgage (like home equity loans, student loans, or credit cards) means you can possible save several hundred dollars in your budget each month.

Getting a Shorter Term Loan

Do you plan to build up equity more quickly, and pay off your mortgage 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 home equity more quickly, even though your mortgage payments will generally be more than they were. But, you may be able to make the change without a bigger monthly mortgage payment if your longer term loan was closed a while ago, and the balance remaining is somewhat low. You may even make it lower! To help you understand your options and the multiple benefits in refinancing, please call us at 504-866-5626. We can help you reach your goals!

Curious about refinancing your home? Give us a call: 504-866-5626.

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