Selecting a Refinancing Loan

When you are overwhelmed with so many options, it may seem like there are even more refinance loan programs than borrowers! We can guide you to choose the refinance program that will fit your financial situation the best. Contact us at 6507631924 to get started. What are your goals for your refinance loan? Considering in mind the information below will help you begin your decision process.

Making Your Payments Lower

Are getting better mortgage payments and a better rate your main refinance goals? In that case, a low, fixed rate loan may be your best option. Perhaps you are currently in a mortgage with a high, fixed interest rate, or a mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of the loan, even when interest rates rise. If you aren't expecting to sell your home in the near future (about 5 years), a fixed rate mortgage loan can especially be a good choice. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve reduced mortgage payments.

Refinancing to Cash Out

Are you refinancing mainly to pull out some of your home equity for an infusion of cash? Your home needs new carpet; your son has been accepted to University and needs tuition money; or you are planning a special vacation. In this case, you'll want to find a loan above the remaining balance on your current mortgage loan.In this case, you'll want You might not increase your mortgage payemnt, however, if you've had your current loan for a number of years, and/or your interest rate is high.

Debt Consolidation

Perhaps you'd like to cash out some of the equity (cash out) to put toward other debt. If you have the equity in your home to make it work, taking care of other debt with higher interest than the rate on your mortgage (for example: credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars per month.

Paying it off Sooner

Do you need to build up equity more quickly, and pay off your mortgage faster? If this is your plan, the refinance loan can switch you to a mortgage program with a short, such as a 15 year loan. You will be paying less interest and growing your home equity faster, although your monthly payments will likely be bigger than you were paying. On the other hand, if your current long-term loan has a small remaining balance, and was closed a while ago, you could be able to make the change without paying more each month. To help you determine your options and the multiple benefits of refinancing, please contact us at 6507631924. We are here for you.

Curious about refinancing? Call us: 6507631924.

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Norcal Capital Group, Inc

1369 El Camino Real
Millbrae, CA 94030