Selecting a Refinancing Option

The huge number of refinance options available to borrowers is truly breathtaking. Call us at (585) 282-0960 and we will match you with the loan program that best fits you. In order to review your choices, you will need to list 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 wise choice for you. Maybe you now hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — where the interest rate can vary. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your mortgage loan, even if interest rates rise. This kind of loan is especially a good choice if you don't think you'll be moving within the next 5 years or so. However, if you can see yourself moving in the near future, an adjustable rate mortgage with a small initial rate may be the best way to lower your monthly payments.

Refinancing to Cash Out

Is your refinance goal primarily to "cash out" some home equity? Maybe you're planning a special vacation; you have to pay college tuition for your child; or you plan to renovate your home. In this case, you'll want to get a loan above the remaining balance on your present mortgage.So you You will be looking for a loan for more than the balance remaining on your current mortgage loan in this case. However, if your mortgage rate is high now and you've held it for quite a few years, you could be able to achieve your goals without making your monthly payments increase.

Consolidating Your Debt

Do you have other debt, perhaps with a higher interest rate, that you'd like to consolidate? If you have built up some equity, paying toward other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) may help save you a lot of cash each month.

Building up Equity More Quickly

Are you dreaming of paying your loan off more quickly, while building up your equity more quickly? If this is your plan, your refinance mortgage can change you to a mortgage loan program with a shorter term, like a 15 year loan. Although your monthly payments will usually be increased, you will be paying less interest; so your equity amount will build up faster. However, if you've had your current thirty year mortgage for a long time and the loan balance is rather low, you could be able to do this without raising 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 (585) 282-0960. We can help you reach your goals!

Want to know more about refinancing your home? Call us: (585) 282-0960.