Refinancing Loans

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There are not as many loan options as there are applicants, but at times it feels like it! Contact me at 615.924.6215 and I will match you with the refinance program that best fits you. There are several questions to ask yourself as you review your options.

Reducing Your Monthly Payments.

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 may want to refinance. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the life of the loan, even if interest rates rise. If you are expecting to live in your home for at least five more years, a fixed rate mortgage may be an especially good choice for you. However, an ARM with a initial low payment could be a smarter way to lower your payments if you see yourself moving in the next few years. Due to refinancing, your total finance charges may be higher over the life of the loan.

Refinancing to Cash Outon Your Equity

ls "cashing out" your main reason for refinancing? Your home needs updating; your son has gone to college and needs tuition; or you have a special family vacation planned. With this in mind, you'll want to find a loan for more than the remaining balance on your current mortgage loan. Then you'll need to find a loan for a higher amount than the current balance with your current home loan in this case. You might not have an increase in your mortgage payment, though, if you've had your existing mortgage loan for a number of years, and/or your loan interest rate is high.

Consolidating Your Debt

Maybe you hope to pull out some equity in your home (cash out) to put toward other debt. If you own any higher interest debts (such as credit cards or car loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have the right amount of equity.

Paying it off Sooner

Are you dreaming of paying off your loan sooner, while beefing up your equity quicker? If this is your plan, your refinance can change you to a mortgage program with a shorter term, for example: a 15 year loan. Even though your mortgage payments will probably be more, you can save on interest; so your equity will rise up faster. But, you could be able to make the change without a higher monthly mortgage payment if your long term mortgage loan was closed a while back, and the balance remaining is low. You could even make it lower! To help you understand your options and the multiple benefits of refinancing, please contact me at 615.924.6215. I will help you reach your goals!

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