Choosing a Refinancing Program

When you are overwhelmed with so many options, it may seem like there are even more refinance programs than applicants! Call us at (973) 601-2122 and we can work with you to qualify you for the perfect loan program for your needs. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you narrow your choices.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? In that case, a good option could be a low fixed-rate loan. Maybe you are presently in a mortgage with a high, fixed interest rate, or a mortgage with which the interest rate varies : an adjustable rate mortgage (ARM). Even when rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you set that low rate for the term of your loan. If you are not expecting to sell your home in the near future (about 5 years), a fixed rate mortgage loan can particularly be a wise loan option. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Getting Out some Cash

Are you wanting to cash out some of your home equity with your refinance? Maybe you're going on a much needed vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. So you want to apply for a loan higher than the balance remaining of your existing mortgage loan.Then you need However, if your loan interest rate is currently high and you've held it for a long time, you could be able to achieve your goals without an increase in your mortgage payment.

Debt Consolidation

Maybe you want to pull out some home equity (cash out) to use toward other debt. If you have built up some home equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may be able to save you a lot of cash every month.

Building up Equity More Quickly

Do you need to build up home equity more quickly, and pay off your mortgage sooner? Then, you want to find out about refinancing to a short term mortgage - such as a fifteen-year loan. Even though your mortgage payment amount will usually be increased, you will save on interest; so your equity will build up faster. Conversely, if your current longer term mortgage loan has a small remaining balance, and was closed a number of years ago, you could be able to make the move without paying more each month. To help you understand your options and the multiple benefits of refinancing, please contact us at (973) 601-2122. We can help you reach your goals!

Curious about refinancing your home? Give us a call at (973) 601-2122.

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