Which Refinancing Program is Best for You?
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When you are overwhelmed with so many options, it may seem like there are even more loan programs than borrowers! Call us at (402) 502-9037 and we will match you with the loan program that fits you best. surveying your options, you should list what you want to achieve with the refinance.
Lowering Your Payments
Are getting better payments and an improved rate your main refinance goals? In that case, getting a low, fixed-rate loan could be a good choice for you. Maybe you now have a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — where the rate of interest varies. Even if interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you aren't planning on moving in the near future (about five years), a fixed rate mortgage loan can especially be a good option. However, an ARM with a initial low payment may be a better way to reduce your mortgage payments if you expect to move within the near future. Refinancing may also cause your total finance charges to be more over the life of the loan.
Is your refinance goal mainly to "cash out" some home equity? It could be you're planning a special vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. So you'll want to find a loan above the balance remaining of your present mortgage.With this goal, you'll want You might not increase your mortgage payment, though, if you have had your existing loan for a while, and/or your interest rate is high.
Consolidating Your Debt
Do you want to cash out some of your equity to consolidate other debt? Good idea! If you have the equity in your home for it, paying off other high interest debt (like credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars in your budget each month.
Paying it off Faster
Are you hoping to fatten up your equity faster, and get your mortgage paid off sooner? If this is your goal, your refinance can change you to a loan program with a short, like a 15 year loan. You will be paying less interest and increasing your equity more quickly, even though your monthly payments will usually be bigger than they were. Conversely, if your existing longer term mortgage loan has a low balance remaining, and was closed a while ago, you might be able to make the switch without paying more each month. To help you figure out your options and the numerous benefits of refinancing, please contact us at
(402) 502-9037. We are here for you.
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