Selecting a Refinancing Loan

When you are overwhelmed with so many options, it may seem like there are even more refinance programs than applicants! We can help you select the loan program that will fit your situation the best. Call us at 703-288-0777 to begin the process. What do you hope to achieve with refinancing? Considering in mind the following will help you begin your decision process.

Reducing Your Monthly Payments

Are achieving better monthly payments and a better rate your main refinance goals? If so, getting a low, fixed-rate loan might be a good choice for you. Maybe you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. This kind of loan is especially a good option if you don't think you'll be selling your home within the next 5 years or so. However, if you can see yourself moving before too long, an ARM mortgage with a low initial rate could be the ideal way to bring down your monthly payment.

Getting Out some Cash

Is "cashing out" your main reason for your refinance? Perhaps you're planning a special vacation; you have to pay college tuition for your child; or you plan to renovate your home. So you'll need to get a loan above the balance remaining of your present mortgage loan.Then you will need However, if your loan interest rate is high now and you've held it for quite a few years, you could be able to reach your goals without making your monthly payments higher.

Consolidating Your Debt

Do you want to pull out some of your home equity to consolidate other debt? Great plan! If you have a fair amount of home equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could be able to save you a chunk of money each month.

Building up Equity Faster

Are you dreaming of paying off your loan more quickly, while beefing up your home equity more quickly? Then, you'll need to find out about refinancing to a short term mortgage - for example, a fifteen-year loan. Although your monthly payment amount will probably be increased, you can save on interest; so your equity will rise up faster. However, if you've held your existing 30 year mortgage for a long time and the remaining balance is rather low, you may be able to do this without increasing your monthly mortgage payment — you might even be able to save! To help you understand your options and the numerous benefits in refinancing, please call us at 703-288-0777. We are here for you.

Curious about refinancing your home? Give us a call at 703-288-0777.

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