Selecting a Refinancing Program

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When you are overwhelmed with all the choices, it may seem like there are even more refinance programs than applicants! Contact us at (219) 947-0001 and we will match you with the loan program that fits you best. There are some general questions to ask yourself as you look at your options.

Reducing Your Monthly Payments

Are getting lower payments and a better rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the ideal option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your loan, even as interest rates rise. This kind of loan is particularly a wise 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 should consider an ARM with a low initial rate to get reduced mortgage payments.

Refinancing to Cash Out

Are you planning to cash out some of your home equity with your refinance? It could be you want to update your kitchen, take care of your college kid's tuition, or go on a special family vacation. Then you need to look for a loan higher than the remaining balance on your existing mortgage loan.So you will want If you've had your existing mortgage loan for a long time and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment bigger.

Debt Consolidation

Do you hold other debt, maybe with high interest, that you'd like to consolidate? If you have the home equity to make it work, taking care of other high interest debt (for example: home equity loans, student loans, or credit cards) means you can possible save several hundred dollars per month.

Paying it off Sooner

Do you plan to build up home equity quicker, and have your mortgage paid off sooner? If this is your hope, your refinance mortgage can move you to a mortgage loan program with a short, like a 15 year loan. The mortgage payments will likely be more than with the long-term mortgage, but the pay-off is: that you will pay considerably less interest and can build up equity quicker. On the other hand, if your existing long-term loan has a low remaining balance, and was closed a number of years ago, you could be able to make the switch without paying more each month. To help you figure out your options and the many benefits in refinancing, please call us at (219) 947-0001. We are here for you.

Want to know more about refinancing? Give us a call: (219) 947-0001.