Here at The Orlicki Group we have helped hundreds of happy home owners refinance their existing mortgages.
We offer many different options for refinancing your mortgage. From rate & term only refinancing to cash out options we have you covered with a customized process just for you.
Most Common Reasons for Refinancing Your Home:
- You have a fixed-rate mortgage with a high interest rate, and are looking to get a lower interest rate
- Currently, you have adjustable rate mortgage (ARM) and are looking to get a fixed rate
- Consolidation of two mortgages on the same property
- Your long-term loan could be converted into a shorter-term mortgage so you can pay it off and build equity quicker
- Financial hardship or circumstances have created a need for you to decrease your monthly expenses. Your payments are a bit much for you and would like a longer-term mortgage to reduce your monthly payment
- You’d like to utilize the equity in your current home to remodel it, purchase an investment property or to pay off other debts
Common Refinancing Options That Can Meet Your Needs:
- Cash-Out or Cash Back Refinance
- This plan allows you to refinance your mortgage for more than you currently owe. The difference and the equity is converted into cash for the homeowner. You must have suitable equity in order to cash out of your existing home’s worth. We can guide you as to the best feasible way to utilize your equity and provide you with several options.
- Lower Fixed-Rate Loan
- If you currently have a high fixed-rate mortgage and the rates have dropped due to market conditions, then you may want to refinance to a low fixed-rate loan. Also, if you have an ARM, you might consider this option in order to get the security of a fixed rate. Even if your adjustable rate is low now, it is not guaranteed to remain that way; but if you get a low fixed-rate loan, then you lock that low rate in for the life of the loan. This option is a good choice if you are not planning on moving within the next five years.
- Shorter-Term Loan
- If your main goal is to quickly build up equity and to pay off your mortgage sooner, then the shorter-term loan is probably your best choice. A lot of times, if you refinance to this type of loan, your monthly payments will be higher, but you will pay substantially less interest and your mortgage will be paid off sooner. Also, you would benefit from a larger tax deduction on interest if you move from a 30-year fixed to a 15-year fixed loan. There are some cases, however, in which you may be able to refinance to a shorter-term loan without raising your monthly payment -if you’ve had your current mortgage for enough years.
- Longer-Term Loan
- If your current monthly payments are higher than is comfortable for your financial situation, then you might want to consider refinancing to a longer-term loan. This will result in a decrease in your monthly payments, since you will have more time to repay the loan. Examining your current mortgage and knowing how you would like to improve it are the first steps you need to take when starting the refinancing process. Once you know this, you can choose the option that will best help you achieve your goals.