Which Refinancing Program is Best for You?

There are a huge number of refinancing options available to borrowers. Contact us at 516-431-2009 and we will work with you to qualify you for the right refinance program for your situation. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you narrow your choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage 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 loan, even if interest rates rise. This is especially a good idea if you don't think you'll be selling your home within the next 5 years or so. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Getting Out some Cash

Is "cashing out" your main reason for your refinance? It could be you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. So you want to qualify for a loan higher than the balance remaining of your current mortgage loan.With this goal, you'll want You may not increase your monthly payemnt, though, if you have had your current mortgage for a number of years, and/or your interest rate is high.

Consolidating Debt

Do you want to pull out some equity to consolidate additional debt? Yes you can! If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars a month.

Paying it off Faster

Do you plan to build up home equity more quickly, and have your mortgage paid off sooner? If this is your hope, the refinance mortgage can switch you to a mortgage loan program with a shorter term, for example: a 15 year loan. You will be paying less interest and increasing your home equity more quickly, although your payments will likely be bigger than you were paying. Conversely, if your current long-term mortgage has a small balance remaining, and was closed a number of years ago, you may be able to make the change without paying more each month. To help you figure out your options and the numerous benefits of refinancing, please call us at 516-431-2009. We are here for you.

Curious about refinancing your home? Give us a call at 516-431-2009.

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