Choosing a Refinancing Option

There aren't as many refinance loan options as there are borrowers, but at times it seems like it! We can guide you to find the loan program that will fit your financial situation the best. Contact us at 504-866-5626 to get things started. In the interest of looking at your options, you'll need to list what you want to achieve with the refinance.

Making Your Payments Lower

Are achieving better monthly payments and an improved rate your main reasons for refinancing? If so, getting a low, fixed-rate loan might be a good choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even when interest rates rise, a fixed-rate mortgage will stay at the same, low interest rate, unlike an ARM. If you are not planning on moving in the near future (about five years), a fixed-rate mortgage can particularly be a good loan option. However, an ARM with a initial low payment may be a better way to lower your monthly payments if you plan on moving in the next few years.

Refinancing to Cash Out

Are you refinancing primarily to "cash out" some home equity? It could be you need to update your kitchen, take care of your college kid's tuition, or go on a dream vacation. So you want to find a loan above the remaining balance of your existing mortgage loan.In that case, you will want However, if your interest rate is currently high and you have held it for a long time, you could be able to reach your goals without a rise in your mortgage payment.

Consolidating Debt

Perhaps you'd like to cash out some of the home equity (cash out) to use toward other debt. If you have the home equity to make it work, taking care of other debt with higher interest than the rate on your mortgage (for example: credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars in your monthly budget.

Getting a Shorter Term Loan

Are you wanting to fatten up your equity faster, and pay off your mortgage more quickly? In that case, you need to find out about refinancing to a short term mortgage - such as a fifteen-year loan. Although your mortgage payments will usually be increased, you will save on interest; so your home equity will rise up faster. However, if you've held your current thirty-year mortgage loan for a number of years and the remaining balance is relatively low, you might be do this without raising your monthly payment — it's even possible to save! To help you figure out your options and the many benefits in refinancing, please call us at 504-866-5626. We are here for you.

Want to know more about refinancing your home? Give us a call: 504-866-5626.

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