Which Refinancing Loan Program is Best for You?

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When you are overwhelmed with so many choices, it may seem like there are even more loan programs than applicants! We can guide you to locate the loan program that will fit your financial situation the best. Call us at (926) 228-1944 to begin the process. In the interest of looking at your options, you can list what you want to achieve with the refinance.

Making Your Payments Lower

Are getting better payments and an improved rate your main refinance goals? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even as interest rates rise, a fixed-rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you are not expecting to sell your home in the near future (about five years), a fixed-rate mortgage can especially be a great choice. However, an ARM with a initial low payment could be a smarter way to lower your mortgage payments if you expect to move in the next few years.

Cashing Out

Is "cashing out" your main reason for refinancing? It could be you need to update your kitchen, take care of your college kid's tuition, or go on a an Alaskan cruise. In this case, you'll need to apply for a loan higher than the balance remaining on your existing mortgage.So you'll want You might not have an increase in your monthly payment, however, if you have had your current mortgage loan for a while, and/or your loan interest rate is high.

Consolidating Debt

Do you want to cash out some of your equity to consolidate other debt? Great plan! If you have a fair amount of equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might help save you a chunk of cash each month.

Paying it off Sooner

Are you dreaming of paying off your loan faster, while building up your home equity faster? In that case, you'll need to look into refinancing to a short term mortgage loan - for example, a fifteen-year loan. Although your monthly payment amount will usually be more, you will be paying less interest; so your equity will build up faster. However, if you've had your existing thirty year loan for a long time and the loan balance is relatively low, you could be do this without raising your monthly mortgage payment — you may even be able to save! To help you understand your options and the multiple benefits in refinancing, please contact us at (926) 228-1944. We are here for you.

Curious about refinancing your home? Give us a call at (926) 228-1944.