Choosing a Refinancing Option

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Although it may seem like it at times, there are not as many loan programs as there are borrowers! Contact us at 703-385-6122 #236 and we can match you with the refinance program that is best for your needs. In the interest of looking at your options, you'll need to think about your goals for your refinance.

Making Your Payments Lower

Are getting lower monthly payments and a better rate your main refinance goals? In that case, getting a low, fixed-rate loan may be a good choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the life of your loan, even when interest rates rise. If you are not expecting to sell your home in the near future (about five years), a fixed rate mortgage loan can particularly be a good option. However, if you do see yourself selling your home in the near future, an ARM with a small initial rate might be the ideal way to reduce your monthly payment.

Cashing Out

Is "cashing out" your main reason for refinancing? Your house needs improvements; your son has gone to college and needs tuition; or you are planning a special vacation. So you need to get a loan above the balance remaining of your current mortgage.Then you need You may not increase your mortgage payment, though, if you've had your existing mortgage loan for a while, and/or your interest rate is high.

Consolidating Debt

Perhaps you hope to cash out some of the home equity (cash out) to put toward other debt. If you own some higher interest debts (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan with your refinance, if you have the home equity built up to make it work.

Paying it off Sooner

Are you hoping to fatten up your home equity faster, and pay off your mortgage sooner? If this is your hope, the refinance loan can switch you to a mortgage program with a short, such as a 15 year loan. Your payments will probably be more than they were with a long-term mortgage, but in exchange, you will pay quite a bit less interest and will build up equity more quickly. However, if you've had your current 30-year loan for a number of years and the remaining balance is relatively low, you could be able to do this without increasing your monthly payment — it's even possible to save! To help you determine your options and the numerous benefits of refinancing, please call us at 703-385-6122 #236. We can help you reach your goals!

Curious about refinancing? Give us a call at 703-385-6122 #236.