Selecting a Refinancing Loan

There are an enormous number of refinancing programs available to borrowers. We can help you select the loan program that will fit your situation the best. Contact us at 504-866-5626 to get started. There are several questions to ask yourself while you look at the choices.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you set that low interest rate for the term of your loan. This is particularly a good idea if you don't think you'll be selling your home within the next 5 years or so. However, if you do see yourself moving in the near future, an ARM mortgage with a small initial rate could be the ideal way to bring down your monthly payments.

Refinancing to Cash Out

Is your refinance goal mainly to "cash out" some home equity? It could be you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. So you will need to find a loan for more than the balance remaining of your current mortgage.In that case, you want However, if your loan interest rate is high now and you have held it for a long time, you may be able to accomplish your goals without a rise in your mortgage payment.

Consolidating Your Debt

Do you have other debt, maybe with a higher interest rate, that you want to consolidate? If you have the home equity for it, paying off other high interest debt (for example: credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars per month.

Getting a Shorter Term Loan

Are you planning to fatten up your equity faster, and get your mortgage paid off more quickly? Consider refinancing with a shorterterm loan, such as a 15-year mortgage. Although your monthly payment amount will likely be increased, you will be paying less interest; so your equity will rise up faster. However, if you've held your existing 30 year mortgage loan for a long time and the remaining balance is rather low, you could be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you understand your options and the multiple benefits in refinancing, please call us at 504-866-5626. We are here for you.

Curious about refinancing your home? Call us: 504-866-5626.

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