Reasons To Refinance

Refinance Your Home | Mortgages Myrtle Beach | Columbia SC

Getting Out some Cash

Are you planning to cash out some of your equity in your refinance? Maybe you want to make home improvements, take care of your college kid’s tuition, or take a cruise. With this in mind, you need to find a loan above the balance remaining on your present mortgage.So you’ll You’ll want to apply for a loan for more than the balance remaining of your present mortgage loan in this case. You may not increase your monthly payment, though, if you have had your current loan for a number of years, and/or your loan interest rate is high.

Consolidating Your Debt

Maybe you’d like to cash out a portion of the equity in your home (cash out) to put toward other debt. If you have built up some equity, taking care of 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 money each month.

There are a huge number of refinancing options available to borrowers. Call us at (843) 444-LOAN (5626) and we can match you with the loan program that best fits you. surveying your options, you will need to list your goals for the refinance.

Reducing Your Monthly Payments

Are getting reduced payments and an improved rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even when rates get higher later, unlike with your ARM, when you get a fixed rate mortgage, you lock in that low rate for the life of your mortgage. If you are planning to stay in your home for about five more years, a fixed rate mortgage may be an especially good option for you. However, an ARM with a initial low payment could be a better way to reduce your monthly payments if you plan on moving in the near future.

Building up Equity Faster

Are you planning to fatten your home equity faster, and pay your mortgage off more quickly? If this is your plan, your refinance mortgage can change you to a loan program with a short, such as a 15 year loan. Even though your monthly payments will likely be more, you can be paying less interest; so your equity amount will rise up faster. On the other hand, if your existing long-term mortgage has a low balance remaining, and was closed a number of years ago, you might be able to make the move without paying more each month. To help you figure out your options and the multiple benefits of refinancing, please contact us at (843) 444-LOAN (5626). We are here for you.

Curious about refinancing your home?
Give us a call: (843) 444-LOAN (5626).