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Refinancing Your Mortgage
Choosing a Refinancing Program
Don't get overwhelmed with all the options available to you, our expert home loan specialists can guide you in choosing the right loan program that fits your financial needs. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.
Reducing Your Monthly Payments
Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the best option for you. Lowering your interest rate can also improve your monthly cash flow. An ARM (Adjustable-Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even if rates rise later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set that low rate for the term of your mortgage. A fixed-rate mortgage can be especially a wise choice if you do not plan to sell your home within the next five years. However, an ARM with a low initial payment may be a smarter way to reduce your mortgage payments if you plan on moving in the next few years.
Refinancing To Cash Out
A cash-out refinance replaces an existing mortgage with a new loan balance, sometimes with more favorable terms than the current loan. Is your refinance goal mainly to "cash out" some home equity? Your home equity can be an excellent source of funds in some situations, such as financing home improvements, or take care of your college kid's tuition.
Maybe you want to pull out some of the equity (cash out) to put toward other debt. If you own any debt with high interest (such as credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan through a cash-out refinance, if you have the home equity built up to make it work.