Choosing a Refinancing Option
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The huge number of refinance options available can be overwhelming. We can guide you to locate the loan program that can fit your needs the best. Contact us at 513-403-6260 to get started. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you begin your decision process.
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 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. Even if rates come up later, unlike with your ARM, when you close a fixed-rate mortgage, you lock in that low interest rate for the term of your loan. A fixed-rate mortgage can be particularly a good option if you don't think you'll be moving within the next 5 years or so. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced payments.
Getting Out some Cash
Is "cashing out" your main reason for your refinance? Maybe you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you are planning some home improvements. In this case, you will want to get a loan above the remaining balance on your present mortgage loan.Then you will need However, if your loan interest rate is high now and you've held it for a long time, you could be able to achieve your goals without a rise in your mortgage payment.
Consolidating Your Debt
Do you hold other debt, maybe with higher interest, that you need to consolidate? If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (for example: car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars in your monthly budget.
Getting a Shorter Term Loan
Do you want to build up equity quicker, and pay off your mortgage sooner? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. You will be paying less interest and increasing your equity faster, although your payments will usually be more than they were. Conversely, if your current long-term loan has a low remaining balance, and was closed a number of years ago, you may even be able to make the change without paying more each month. To help you understand your options and the numerous benefits in refinancing, please contact us at 513-403-6260. We are here for you.
Want to know more about refinancing? Give us a call at 513-403-6260.