Which Refinancing Option is Best for You?

There are a huge number of refinancing programs available to borrowers. We can guide you to choose the loan program that can fit your needs the best. Call us at (434) 975-5626 to get things started. In order to review your options, you can determine what you want to achieve with the refinance.

Lowering Your Payments

Are getting lower payments and an improved rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the best loan program for you. Maybe you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you are expecting to stay in your home for about five more years, a fixed rate loan may be a particulary good choice for you. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Getting Out some Cash

Are you planning to cash out some of your equity in your refinance? Your house needs new carpet; your son has been accepted to University and needs tuition money; or you are planning a special vacation. So you will want to find a loan for more than the remaining balance on your current mortgage loan.With this goal, you want However, if your mortgage rate is high now and you have held it for a long time, you may be able to achieve your goals without making your mortgage payments bigger.

Consolidating Your Debt

Do you hold other debt, maybe with a high interest rate, that you'd like to consolidate? If you have some higher interest debts (like credit cards or car loans), you might be able to pay that debt off with a lower rate loan with your refinance, if you have the home equity built up to make it work.

Building up Equity More Quickly

Do you need to build up home equity quicker, and have your mortgage paid off more quickly? Then, you need to look into refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. You will be paying less interest and increasing your home equity faster, even though your monthly payments will usually be bigger than they were. But, you may be able to switch without much increase in your monthly mortgage payment if your long term mortgage was closed a while back, and the balance remaining is low. You may even pay less! To help you understand your options and the numerous benefits in refinancing, please call us at (434) 975-5626. We can help you reach your goals!

Want to know more about refinancing your home? Give us a call: (434) 975-5626.

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