Selecting a Refinancing Program
The number of refinance options available to borrowers is truly breathtaking. We can guide you to locate the refinance program that can fit your needs the best. Contact us at 504-866-5626 to get started. There are some general things to keep in mind while you consider the choices.
Making Your Payments Lower
Are achieving better mortgage payments and an improved rate your main refinance goals? Then your best choice might be a low fixed-rate loan. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage in which the rate of interest varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your mortgage loan, even when interest rates rise. A fixed-rate mortgage is especially a good choice if you don't think you will move within the next 5 years or so. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate to get reduced monthly payments.
Are you refinancing primarily to "cash out" some home equity? Maybe you're planning a special vacation; you need to pay college tuition for your child; or you are updating your kitchen. With this in mind, you will want to find a loan for more than the balance remaining of your current mortgage.So you'll want If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without making your monthly payment higher.
Consolidating Your Debt
Maybe you hope to pull out some of the equity (cash out) to use toward other debt. If you own some debt with steep interest (like credit cards or vehicle loans), you might be able to pay that debt off with a lower rate loan through your refinance, if you have enough home equity.
Getting a Shorter Term Loan
Do you plan to build up home equity quicker, and have your mortgage paid off faster? If this is your goal, your refinance loan can move you to a mortgage loan program with a short, for example: a 15 year loan. Your payments will likely be more than with a longer term mortgage, but the pay-off is: you will pay substantially less interest and can build up equity more quickly. However, if you've had your current 30 year mortgage loan for a long time and the remaining balance is rather low, you could be do this without increasing your monthly mortgage payment — you may even be able to save! To help you figure out your options and the numerous benefits of refinancing, please contact us at 504-866-5626. We are here for you.
Want to know more about refinancing? Call us at 504-866-5626.
Get a Refinance Quote
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