Which Refinancing Loan Program is Best for You?

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Even though it may seem like it at times, there are not as many loan programs as there are borrowers! Contact us at 760-415-2345 and we will help you qualify for the best refinance program for your financial situation. There are several questions to ask yourself as you look at your options.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the ideal option for you. Maybe you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage with which the rate of interest varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage must stay at the same, low interest rate, unlike an ARM. If you expect to live in your home for at least five more years, a fixed rate loan may be an especially good fit for you. On the other hand, if you can see yourself moving within the next few years, an adjustable rate mortgage with a small initial rate may be the ideal way to bring down your monthly payments.

Getting Out some Cash

Is your refinance goal mainly to pull out some equity for an infusion of cash? Maybe you want to pay for home improvements, take care of your college kid's tuition, or take your family on a dream vacation. So you will need to look for a loan higher than the balance remaining of your existing mortgage.With this goal, you'll You'll be looking for a loan for more than the remaining balance on your existing mortgage in that case. You may not increase your monthly payemnt, though, if you have had your existing mortgage loan for a while, and/or your interest rate is high.

Debt Consolidation

Do you hold other debt, perhaps with higher interest, that you want to consolidate? If you have built up some equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a chunk of cash every month.

Building up Equity Faster

Are you dreaming of paying your loan off sooner, while building up your equity quicker? If this is your wish, the refinance loan can switch you to a mortgage program with a shorter term, for example: a 15 year loan. You will be paying less interest and growing your equity faster, even though your monthly payments will generally be higher than they were. On the other hand, if your existing long-term mortgage loan has a small remaining balance, and was closed a number of years ago, you may even be able to make the change without paying more each month. To help you figure out your options and the multiple benefits of refinancing, please call us at 760-415-2345. We are here for you.

Want to know more about refinancing? Give us a call at 760-415-2345.