Selecting a Refinancing Program

There are an enormous number of refinancing options available to borrowers. Contact us at 504-866-5626 and we can match you with the refinance loan program that fits you best. What are your goals for refinancing? Keeping in mind the following will help you begin your decision process.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be your best option. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even when rates rise later, unlike with your ARM, when you close a mortgage with a fixed rate, you set that low rate for the term of your loan. If you plan to live in your home for about five more years, a fixed rate loan may be an especially good choice for you. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate to get reduced monthly payments.

Cashing Out

Is your refinance goal mainly to "cash out" some home equity? Maybe you're dreaming of a cruise; you need to pay college tuition for your child; or you plan to renovate your home. In this case, you need to apply for a loan higher than the balance remaining on your existing mortgage loan.With this goal, you will want If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment higher.

Consolidating Your Debt

Perhaps you want to pull out some equity (cash out) to put toward other debt. If you have enough equity, paying off other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) may be able to save you a chunk of cash every month.

Paying it off Sooner

Do you plan to build up home equity more quickly, and pay off your mortgage sooner? Then, you want to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. You will be paying less interest and growing your equity faster, even though your mortgage payments will likely be bigger than they were. But, you might be able to make the change without a bigger monthly mortgage payment if your longer term mortgage was closed a while ago, and the remaining balance is somewhat low. You may even pay less! To help you determine your options and the numerous 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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