Refinancing: Which Option is for You?

When you are overwhelmed with so many choices, it may seem like there are even more refinance programs than applicants! Call us at 6507631924 and we will match you with the loan program that is best for your needs. What do you hope to achieve with your refinance loan? Keeping in mind the information below will help you narrow your choices.

Making Your Payments Lower

Are achieving lower payments and a lower rate your main refinance goals? In that case, applying for a low, fixed-rate loan might be a wise choice for you. Maybe you are currently in a mortgage with a high, fixed interest rate, or a loan with which the interest rate varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your loan, even when interest rates rise. 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. On the other hand, if you can see yourself moving within several years, an adjustable rate mortgage with a small initial rate could be the best way to bring down your monthly payment.

Getting Out some Cash

Are you wanting to cash out some of your home equity with your refinance? Your home needs renovating; your son has been accepted to University and needs tuition; or you have a special family vacation planned. So you want to find a loan higher than the balance remaining on your current mortgage.With this goal, you need However, if your loan interest rate is high now and you've held it for quite a few years, you may be able to reach your goals without a rise in your mortgage payment.

Consolidating Debt

Do you have other debt, maybe with higher interest, that you'd like to consolidate? If you have the home equity for it, taking care of other high interest debt (for example: home equity loans, student loans, or credit cards) means you can possible save hundreds of dollars monthly.

Building up Equity More Quickly

Do you need to build up home equity more quickly, and pay off your mortgage faster? If this is your goal, the refinance can change you to a mortgage program with a short, for example: a 15 year loan. You will be paying less interest and growing your equity more quickly, even though your monthly payments will likely be bigger than they were. Conversely, if your existing longer term loan has a low remaining balance, and was closed a while ago, you may even be able to make the move without paying more each month. To help you understand your options and the multiple benefits of refinancing, please contact us at 6507631924. We are here to help you reach your goals!

Curious about refinancing? Give us a call at 6507631924.

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Norcal Capital Group, Inc

1369 El Camino Real
Millbrae, CA 94030