Selecting a Refinancing Option
There are not as many refinance loan programs as there are borrowers, but it seems like it at times! Call us at (337) 264-9990 and we'll work with you to qualify you for the right refinance loan program for your financial situation. surveying your options, you'll need to think about what you want to achieve with your refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan could be a good option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the mortgage loan, even as interest rates rise. This kind of loan can be particularly a wise choice if you aren't planning a move within the next 5 years or so. However, if you do see yourself selling your home within several years, an adjustable rate mortgage with a small initial rate could be the best way to lower your monthly payments.
Is "cashing out" your primary reason for refinancing? Your home needs renovating; your son has gone to college and needs tuition money; or you have a special family vacation planned. Tap into your home's equity to get the cash that you need. Contact one of our experienced loan officers to find which program best fits your needs.
Consolidating Your Debt
Do you have other debt, perhaps with a higher interest rate, that you'd like to consolidate? If you have the equity in your home to make it work, taking care of other high interest debt (such as car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars monthly.
Paying it off Faster
Do you need to build up home equity quicker, and pay off your mortgage sooner? Then, you want to look into refinancing to a short term mortgage - such as a fifteen-year mortgage loan. Your mortgage payments will likely be higher than they were with your long-term mortgage loan, but the pay-off is: you will pay considerably less interest and can build up equity quicker. However, if you've had your existing thirty-year mortgage loan for a number of years and the loan balance is rather low, you might be able to do this without raising your monthly mortgage payment — you could even be able to save! To help you figure out your options and the numerous benefits in refinancing, please call us at (337) 264-9990. We are here for you.
To get the process started Curious about refinancing your home? Call us at (337) 264-9990.
Get a Refinance Quote
Looking to refinance your home? Fill out the following form to get a fast quote from us.