Which Refinancing Program is Right for You?

There are a huge number of refinancing options available to borrowers. Call us at 516-431-2009 and we will work with you to qualify you for the best refinance loan program to fit your financial needs. There are some general questions to ask yourself as you look at your options.

Lowering Your Payments

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. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of the mortgage loan, even when interest rates rise. If you are planning to stay in your home for about five more years, a loan with a fixed rate may be a particulary good choice for you. However, if you can see yourself moving within several years, an adjustable rate mortgage with a small initial rate might be the best way to bring down your monthly payment.

Cashing Out

Is "cashing out" your primary purpose for your refinance? Your home needs new carpet; your daughter has been accepted to University and needs tuition money; or you are taking your family on a cruise. In this case, you'll need to get a loan higher than the remaining balance on your existing mortgage loan.So you'll want You might not increase your monthly payemnt, however, if you have had your current mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Debt

Perhaps you want to cash out a portion of the equity in your home (cash out) to use toward other debt. If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (for example: credit cards, home equity loans, or car loans) means you can save possibly hundreds of dollars in your budget each month.

Getting a Shorter Term Loan

Do you hope to build up equity more quickly, and have your mortgage paid off more quickly? Then, you'll want to look into refinancing to a short term mortgage loan - such as a fifteen-year loan. You will be paying less interest and increasing your home equity more quickly, although your mortgage payments will usually be more than you were paying. On the other hand, if your existing longer term loan has a small balance remaining, and was closed a while ago, you might be able to make the switch without paying more each month. To help you figure out your options and the multiple benefits of refinancing, please call us at 516-431-2009. We are here for you.

Want to know more about refinancing? Give us a call at 516-431-2009.

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