Which Refinancing Loan Program is Best for You?

The number of refinance options available to borrowers can be overwhelming. We can help you choose the loan program that can fit your financial situation the best. Call us at 504-866-5626 to get started. There are some general questions to ask yourself as you look at your options.

Reducing Your Monthly Payments

Are achieving lower monthly payments and a better rate your main reasons for refinancing? Then a low, fixed rate loan may be the best loan program for you. Maybe you currently hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — where the rate of interest varies. Even when rates rise later, unlike with your ARM, when you close a mortgage with a fixed rate, you lock in that low interest rate for the life of your mortgage. A fixed-rate mortgage is particularly a good option if you don't think you'll be selling your home within the next five years or so. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get lower monthly payments.

Cashing Out

Is "cashing out" your main purpose for your refinance? Your house needs improvements; your son has gone to college and needs tuition; or you are planning a special vacation. With this in mind, you want to get a loan for more than the balance remaining on your current mortgage loan.So you want to find a loan for a higher amount than the balance remaining on your existing mortgage loan. If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment higher.

Debt Consolidation

Do you want to cash out some home equity to consolidate additional debt? Yes you can! If you have built up some equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might be able to save you a lot of cash each month.

Building up Equity More Quickly

Are you dreaming of paying off your loan sooner, while beefing up your home equity quicker? In that case, you need to look into refinancing to a short term mortgage loan - like a fifteen-year mortgage program. You will be paying less interest and increasing your home equity faster, even though your monthly payments will generally be bigger than they were. Conversely, if your current longer term loan has a low remaining balance, and was closed a while ago, you may even be able to make the switch without paying more each month. To help you understand your options and the numerous benefits in refinancing, please call us at 504-866-5626. We are here to help you reach your goals!

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

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