Why Should I Refinance?
- Lower your monthly payments or the length of your loan
- Take out cash to pay off high interest debt
- Combine a first mortgage with a home equity loan
- Use the cash to pay off student loans or other large expenses
- Move into a fixed-rate mortgage to take advantage of historically low interest rates
See HUD.gov for more information on FHA loans.
Fixed Rate Loans Offer Stability
Fixed loans are best if you want a consistent payment over a very long period of time with no surprises. The peace of mind of a fixed-rate loan will offset the slightly higher payment over the long term. When rates are very low, refinance into a fixed-rate loan to lower your monthly payment or convert the uncertainty of an adjustable rate to a reliable fixed-rate.
And there’s better news. If you have a large Home Equity Loan or high interest credit cards that are not fixed, you have the option of refinancing them all into a fixed-rate loan which will save you thousands of dollars in the long run.
Adjustable Rate Mortgage May Be Just What You Need!
Most ARM products offer a low introductory rate that is fixed from 1 to 10 years after which it adjusts either annually or every six months for the life of the loan. Our ARM programs come with a lifetime cap on the rate, which means that your rate will never go above a certain level, even if rates skyrocket.
ARM loans are appropriate if:
- You plan to stay in the home for less than 3 to 10 years.
- Interest rates are high, as you will benefit when rates begin to fall.
- You plan to take out a short-term cash/out loan.