Mortgage programs and Scenarios

If you now have a 30 yr fixed rate mortgage…….a new 30 yr fixed will lower your payment the most. Some prefer not to start again on a 30 year mortgage term, but think ahead about your plans for your home. Might you move in a few years and would rather have the lower payment until you do?

Some with 30 year mortgages elect to refinance to a 15 year fixed. The best fixed rate is available on this mortgage program, but calculate what your new payment will be. Even with a much lower rate your payment may well increase.

If you now have a 15 yr fixed rate mortgage.…..you can consider a 10 year mortgage to keep your mortgage amortization on track. Or…….if you want to drop your payment dramatically, consider a 30 year fixed.

If your home has declined in value.…….there is still a pretty good chance that you can refinance. The RefiPlus program for conventional loans might be an option, as could an FHA loan. Consult with your mortgage professional and at least explore the possibility.

If you want to refinance with cash back to you…….these “cash out” mortgages are available up to 80% of the appraised value of your home.