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Which Pa Refinance Loan Program is right for You?

 

 There are some general things to have in mind while you review the choices. First things first. What is the goal you are trying to accomplish?  Many borrowers lose sight of this idea in the process. Obviously whether you are trying to shorten your term to pay off your house quicker, lower your rate to save money on your monthly payment, take cash out to remodel, pay off debt or invest, a different strategy is required to accomplish each of these very different loan scenarios.  A licensed mortgage professional will be able to help you determine how to accomplish your goal.  


Lowering your monthly payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan could be a wise option for you. Perhaps you are now in a loan with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your mortgage, even when interest rates rise. If you are not expecting to move in the near future (about five years), a fixed rate mortgage loan can particularly be a great option. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get reduced monthly payments.

Cash out refinance loan

Are you refinancing mainly to pull out some of your equity for an infusion of cash? Maybe you need to make home improvements, pay your child's college tuition bill, or go on a dream vacation. Then you'll need to get a loan above the remaining balance on your existing mortgage loan.Then you'll need However, if your loan interest rate is currently high and you've had it for a long time, you could be able to achieve your goals without making your mortgage payments bigger.

Debt Consolidation loan

Do you want to cash out some home equity to consolidate additional debt? Great plan! If you own some debt with steep interest (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan with your refinance, if you have enough home equity.

Building up Equity to pay off your home sooner

Are you dreaming of paying off your loan sooner, while building up your equity quicker? Then, you need to look into refinancing to a short term mortgage loan - like a fifteen-year loan. The payments will probably be more than they were with the longer term mortgage loan, but the pay-off is: you will pay considerably less interest and can build up equity more quickly. But, you might be able to make the change without a bigger monthly payment if your longer term mortgage loan was closed a while back, and the balance remaining is low enough. You could even make it lower!  

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