Which Refinancing Loan Program is Best for You?

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Although it may seem like it at times, there aren't as many loan programs as there are applicants! We can help you choose the loan program that can fit your situation the best. Call us at 203-730-4070 to get started. What are your reasons for your refinance loan? Considering in mind the information below will help you begin your decision process.

Lowering Your Payments

Are getting lower payments and a better rate your main reasons for refinancing? If so, your best option may be a low fixed-rate loan. Perhaps you currently have a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the interest rate can vary. Even when rates come up later, unlike with your ARM, when you close a mortgage with a fixed rate, you set that low rate for the life of your mortgage. 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. But if you do expect to sell your home more quickly, you will need to consider an ARM with a low initial rate to get lower payments.

Cashing Out

Are you refinancing mainly to "cash out" some home equity? It could be you're dreaming of a cruise; you need to pay college tuition for your child; or you are updating your kitchen. Then you want to get a loan above the remaining balance on your existing mortgage.So you will You will need to apply for a loan for a higher amount than the remaining balance on your current mortgage loan in that case. If you've had your current mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your mortgage payment.

Consolidating Debt

Do you want to cash out some equity to consolidate other debt? Great plan! If you have the home equity to make it work, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars monthly.

Getting a Shorter Term Loan

Do you need to build up equity quicker, and have your mortgage paid off sooner? In that case, you'll want to find out about refinancing to a short term mortgage loan - for example, a fifteen-year loan. Even though your monthly payment amount will likely be more, you can be paying less interest; so your home equity will build up faster. However, if you have held your existing thirty year mortgage for a number of years and the loan balance is somewhat low, you could be able to do this without increasing your mortgage payment — you could even be able to save! To help you understand your options and the multiple benefits of refinancing, please call us at 203-730-4070. We are here for you.

Curious about refinancing your home? Give us a call: 203-730-4070.

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