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Which Refinancing Program is Right for You?

Are you looking for a mortgage? Joe Wagner can assist you! Give Joe Wagner a call at 612-327-4544. Ready to begin? Apply Online Now.

The huge number of refinance options available is truly breathtaking. Call us at 612-327-4544 and we can work with you to qualify you for the perfect refinance loan to fit your needs. Surveying your options, you can list your goals for your refinance.

Reducing Your Monthly Payments

Are achieving better monthly payments and a lower rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the ideal loan program for you. Perhaps you now hold a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — in which the interest rate varies. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the mortgage, even as interest rates rise. This can be particularly a good idea if you aren't planning a move within the next five years or so. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower payments.

Refinancing to Cash Out

Is "cashing out" your primary reason for your refinance? Your house needs renovating; your son has been accepted to University and needs tuition; or you are planning a special vacation. With this in mind, you will need to get a loan higher than the remaining balance on your existing mortgage.With this goal, you will want to need to qualify for a loan for a higher number than the balance remaining on your current mortgage. You might not have an increase in your mortgage payment, however, if you've had your existing mortgage loan for a while, and/or your loan interest rate is high.

Consolidating Your Debt

Perhaps you hope to pull out a portion of the equity in your home (cash out) to put toward other debt. If you have enough home equity, paying off 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 each month.

Getting a Shorter Term Loan

Are you dreaming of paying your loan off more quickly, while beefing up your home equity more quickly? Then, you want to look into refinancing to a short term mortgage - such as a fifteen-year mortgage program. You will be paying less interest and increasing your home equity more quickly, even though your monthly payments will likely be higher than they were. On the other hand, if your current long-term mortgage has a low balance remaining, and was closed a number of years ago, you could be able to make the change without paying more each month. To help you figure out your options and the many benefits in refinancing, please contact us at 612-327-4544. We are here to help you reach your goals!

 

 

 

Curious about Refinancing? Give Joe Wagner a call at 612-327-4544. It's his job to answer lending questions, so he is happy to help! We know you're busy, so feel free to complete the form below to be contacted by Joe Wagner.




Serving all of Minnesota.
Anoka MN, Apple Valley MN, Bemidji MN, Boundary Waters MN, Brainerd MN, Bloomington MN, Coon Rapids MN, Crow Wing County MN, Dakota County MN, Bloomington MN, Eden Prairie MN, Gull Lake MN, Hennepin County MN, Hopkins MN, Lakeville MN, Lake Mille Lacs MN, Lake Minnetonka MN, Lake Nokomis MN, Lake Pepin MN, Lake Vermilion MN, Lake Winnibigoshish MN, Leech Lake MN, Maplewood MN, Mendota Heights MN, Mound MN, Orono MN, Red Lake MN, Richfield MN, Rosemount MN, Savage MN, St Louis Park MN, White Bear Lake MN, Wright County MN.

 

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Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.89% 4.02%
15-yr Fixed 3.16% 3.33%
1-yr Adj 2.74% 3.4%
* national averages

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