Top 6 Most Popular Refinance Options
HARP - For those people who are underwater (your
loan amount is greater than the value on your home), the Home Affordable
Refinance Program is an option that you can explore. It is a government
instituted program to help those who are underwater on their homes to
refinance.
FHA Streamline - Those who have currently been in an
FHA program and still have a high rate (above 4%), have found it
beneficial to refinance under the same program into a lower interest
rate, with one caveat; if your value on your home has gone up and/or the
amount of your loan has been paid down considerably, it may be better
for you to refinance into a Conventional loan.
VA Streamline - As with the FHA streamline, if your
rate is above 4%, it could be beneficial to do a VA streamline program
to get yourself a lower rate.
Lower Rate - If your rate is currently over 4%, then
now would be the time to look into refinancing as we have been seeing a
trend of rates rising.
Lower Term and Rate - You may be able to cut down
your term and get a lower rate which could balance out to the same or
even less of a payment than you are currently making.
Cash-Out - If you have equity in your home, you can
get cash-out to reinvest into your home through upgrades, adding on
rooms, etc., which will only make the value of your home go up even more
as the values on homes are on the rise. It is estimated that values
will go up by 7 to 12% by the end of the year and 36% over the course of the
next 3-5 years.
If any of these are situations that you or someone you know has
questions about, you can reach us at (941) 822-4696 or visit us on the web at
www.KesslerHomeLoans.com . We would be happy
to answer your questions and help in any way that we can. Have a
great day!
Top 6 Most Popular Refinance Options
