Which Refinancing Program is Right for You?

When you are overwhelmed with all the options, it may seem as if there are even more loan programs than applicants! We can help you select the refinance loan program that will fit your situation the best. Contact us at (650) 689-5684 to begin the process. surveying your options, you can determine what you want to achieve with the refinance.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? 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 must stay at the same, low interest rate, unlike an ARM. This is particularly a wise choice if you aren't expecting a move within the next 5 years or so. On the other hand, if you do see yourself selling your home in the near future, an adjustable rate mortgage with a small initial rate might be the best way to reduce your monthly payments.

Refinancing to Cash Out

Are you wanting to cash out some of your home equity with your refinance? Your home needs improvements; your daughter has been accepted to University and needs tuition; or you have a special family vacation planned. So you need to apply for a loan above the balance remaining on your present mortgage loan.With this goal, you need If you've had your current mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your mortgage payment.

Consolidating Debt

Do you want to cash out some of your equity to consolidate additional debt? Yes you can! If you have enough equity, taking care of other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) may help save you a chunk of cash each month.

Switching to a Shorter Term Loan

Do you need to build up home equity more quickly, and have your mortgage paid off more quickly? You should consider refinancing to a shorterterm loan, often a 15-year mortgage. Although your monthly payment amount will probably be more, you will be paying less interest; so your home equity will rise up faster. But, you might be able to switch without a bigger monthly payment if your long term mortgage was closed a while back, and the remaining balance is small. You could even pay less! To help you determine your options and the numerous benefits of refinancing, please call us at (650) 689-5684. We are here to help you reach your goals!

Curious about refinancing your home? Give us a call: (650) 689-5684.

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