Refinancing Your Home
SoundChoice offers mortgages tailored to fit your refinance needs, read below to see what may fit your life best and give us a no obligation call to discuss your options.
The first question to ask yourself is “What goal am I trying to accomplish by refinancing?”
There are many different reasons to refinance your home mortgage, here are some of the most common:
- Lowering your rate/payment
- Shorting the term of your loan (e.g. moving from a 30 year term to a 15 year term)
- Moving from an Adjustable Rate Mortgtage (ARM) to a fixed rate mortgage, or vice versa
- A “Cash out” mortgage to pull money out for home improvements, debt consolidation, education or any number of reasons
Whatever the reason, it is our job to present you with a solution that meets your goals.
Closing Costs – “Why pay them if you don’t have to?”
One of the biggest roadblocks to refinancing are the closing costs associated with doing a mortgage loan. So why not consider a “No Closing Cost” loan? Most people get fixated on just the interest rate of their mortgage, when they should be factoring in how much it’s costing them to get that rate. You are going to pay a lot of money in interest over the course of your loan, but depending on how long you’re going to be in the home or the loan it could make sense to have a no closing cost loan.
We can often give you the choice of choosing a no closing cost loan, a traditional full closing cost loan, or anywhere in between. You decide which option works best for you and your family. Ultimately, it’s your loan and we believe that giving you more choices will help lead to a more sound financial future for you.
Contact us for more details on the NO COST LOAN
What type of mortgage is best for me?
Basically, there are two categories of mortgage loan available: Fixed Rate and Adjustable Rate Mortgages.
These are loans available with different terms, usually 30, 25, 20,15 and 10 year options.
The most obvious benefit of a fixed rate loan is that it never changes. Your monthly principal and interest payment remains constant the entire term of the loan.
If rates rise, you are locked in, it will not change for the life of the loan.
Adjustable Rate Mortgage (ARM)
ARMs generally offer lower starting interest rates than a fixed rate mortgage. The rate is usually fixed for the first three, five, seven or ten years of the loan. This is known as your “start rate”. After the start rate period has expired your rate could go up and if it does, it will take your monthly payment with it.
If you do not plan on being in your home long term this could be a good fit as it can offer an initial lower monthly payment as compared with a fixed rate loan.
Talk with one of our experienced, licensed mortgage loan officers to help guide you through the process and answer any questions that you may have.