Choosing a Refinancing Program

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Although it may seem like it sometimes, there are not as many loan options as there are borrowers! Call us at (925) 560-7644 and we'll work with you to qualify you for the best loan program to fit your situation. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.

Lowering Your Payments

Are achieving reduced mortgage payments and an improved rate your main refinance goals? In that case, a low, fixed rate loan may be the best loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even as interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is especially a wise choice if you aren't planning a move within the next 5 years or so. However, an ARM with a low initial payment could be a wiser way to lower your mortgage payments if you expect to move in the near future.

Getting Out some Cash

Are you hoping to cash out some of your equity in your refinance? Maybe you're planning a special vacation; you have to pay college tuition for your child; or you are updating your kitchen. In this case, you will need to find a loan for more than the remaining balance on your present mortgage loan.With this goal, you'll want to need to find a loan for a bigger number than the remaining balance on your existing mortgage. If you've had your existing mortgage for a number of years and/or have a high interest mortgage, you may be able to do this without making your monthly payment higher.

Consolidating Debt

Do you want to pull out a portion of your home equity to consolidate additional debt? Good plan! If you hold any debt with higher interest (such as credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have enough home equity.

Building up Equity More Quickly

Are you dreaming of paying your loan off faster, while beefing up your equity faster? Then, you'll need to look into refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. You will be paying less interest and growing your home equity faster, although your monthly payments will usually be higher than they were. But, you could be able to switch without much increase in your monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the balance remaining is small. You may even make it lower! To help you determine your options and the numerous benefits in refinancing, please contact us at (925) 560-7644. We can help you reach your goals!

Curious about refinancing your home? Call us at (925) 560-7644.

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