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Home / Blog / Refinance / Which refinancing option is best for you?

Which refinancing option is best for you?

May 27, 2011 By Mary Catchur

The Refinancing Option that is Best for YouHomeowners will often find themselves considering a refinance on their home.  Particularly with today’s low interest rates, refinancing is even more appealing. Homeowners typically refinance to reduce their monthly payments or lower their interest rate. Sometimes, refinancing is beneficial for homeowners who desire to pay off or consolidate other debts. In the event of refinancing, there are several types of refinancing options to accommodate homeowner needs. But which refinancing option is best for you?

Adjustable-Rate vs. Fixed-Rate

Homeowners will often convert from an adjustable-rate mortgage to a fixed-rate mortgage or vice versa when refinancing.

An adjustable-rate mortgage (ARM) is a type of mortgage where the interest rate varies throughout the life of the loan. There are limits set on how much interest rates can rise per year or over the lifetime of the loan. Adjustable-rate mortgages can be beneficial for home-buyers who plan to pay the loan off in a specific time frame.

Fixed-rate mortgages have an interest rate that does not change throughout the life of the loan. Fixed-rate mortgages are the most popular type of home loan as their monthly payments are smaller, making them more affordable. Payments are also the same every month, comforting homeowners.

Cash-Out Refinancing

A cash-out refinance is a way to both refinance and borrow money at the same time. Depending on the amount of equity in your home will depend on how much cash homeowners can receive. Homeowners often choose cash-out refinancing to help pay off credit card debt, help with home improvements, or college tuition.

Home Equity Loans and Lines of Credit

Home equity loans are fixed loans in which a borrower receives a lump sum of cash at closing and are paid off over a specific term. This type of loan is often referred to as a second mortgage.

A Home Equity Line of Credit (HELOC) is a refinancing option that provides flexibility for a homeowner to draw upon to take out cash. HELOC loans allow homeowners to access funds as they choose.

If homeowners have a low interest rate on their existing mortgage and refinancing would result in a higher rate, a home equity loan or line of credit is a better option.

Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of home-buyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.

We specialize in adjustable-rate mortgages, conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We have worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us directly.

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Filed Under: Refinance

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
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