Which Refinancing Program is Right for You?

The number of refinance options available can be overwhelming. We can guide you to locate the refinance program that will fit your situation the best. Call us at 516-431-2009 to begin the process. There are some general questions to ask yourself as you consider the choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? If so, the best choice might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even when interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. If you are not expecting to move in the near future (about five years), a fixed rate mortgage loan can particularly be a wise choice. On the other hand, if you can see yourself moving before too long, an ARM mortgage with a low initial rate may be the ideal way to reduce your monthly payments.

Getting Out some Cash

Are you hoping to cash out some of your home equity in your refinance? Your home needs updating; your daughter has been accepted to University and needs tuition money; or you have a special family vacation planned. With this in mind, you will need to get a loan higher than the remaining balance of your present mortgage.In this case, you will want to find a loan for a higher number than the remaining balance on your present mortgage. However, if your mortgage rate is currently high and you've held it for a long time, you may be able to achieve your goals without a rise in your mortgage payment.

Debt Consolidation

Maybe you want to cash out some of the home equity (cash out) to use toward other debt. If you have a fair amount of home equity, taking care of other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) may be able to save you a chunk of cash every month.

Paying it off Sooner

Are you dreaming of paying off your loan sooner, while building up your home equity quicker? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage. You will be paying less interest and increasing your equity faster, even though your payments will generally be more than they were. However, if you have had your existing thirty year loan for a number of years and the remaining balance is rather low, you may be able to do this without raising your mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits of refinancing, please call us at 516-431-2009. We would love to help you reach your goals!

Curious about refinancing? Call us: 516-431-2009.

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