Shopping for a refinance? We'd be happy to talk about the loan programs we arrange. Call us at 800-880-8557.
Although it seems like it sometimes, there aren't as many refinance choices as there are borrowers! We can guide you to locate the loan program that can fit your situation the best. Call us at 800-880-8557 to get things started. There are some general questions to ask yourself while you look at your choices.
Making Your Payments Lower Are getting lower mortgage payments and a lower rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. Perhaps you are presently in a loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the mortgage, even when interest rates rise. If you aren't expecting to sell your home in the near future (about five years), a fixed rate mortgage loan can particularly be a good choice. However, if you do see yourself moving within the next few years, an ARM mortgage with a low initial rate may be the best way to bring down your monthly payments. As a result of refinancing, your total finance charges may be higher over the life of the loan.
Refinancing to Cash Out Are you wanting to cash out some of your home equity in your refinance? Perhaps you need to make home improvements, take care of your college kid's tuition, or take your family on a dream vacation. In this case, you need to find a loan for more than the remaining balance on your present mortgage. Then you'll need a cash-out refinance. However, if your mortgage rate is high now and you've held it for quite a few years, you could be able to achieve your goals without an increase in your mortgage payment.
Consolidating Debt Do you hold other debt, maybe with high interest, that you want to consolidate? If you have built up some equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) could be able to save you a lot of cash every month.
Building up Equity More Quickly Do you hope to build up home equity quicker, and pay off your mortgage more quickly? Then, you'll need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. Although your monthly payment amount will likely be increased, you will save on interest; so your equity will build up faster. However, if you've held your existing thirty year mortgage for a long time and the loan balance is rather low, you might be able to do this without raising your mortgage payment — you could even be able to save! To help you understand your options and the numerous benefits in refinancing, please contact us at 800-880-8557. We are here for you.
When you are ready to compare actual refinance programs, see our Mortgage Refinancing in New York page or call us. Vivid Mortgages is a mortgage broker, not a lender: we shop your file across third-party wholesale lenders and tell you which programs fit.
Talk to a New York mortgage broker
Get pre-qualified online, or call and a broker will walk you through your options. No obligation, and pre-qualifying does not affect your credit score.
