Which Refinancing Program is Right for You?
There are a huge number of refinancing options available to borrowers. We can help you locate the refinance loan program that can fit your financial situation the best. Contact us at (650) 689-5684 to begin the process. surveying your options, you need to consider what you want to achieve with your refinance.
Reducing Your Monthly Payments
Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the right choice for you. Maybe you currently have a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate varies. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your loan, even if interest rates rise. A fixed-rate mortgage can be particularly a wise choice if you aren't expecting a move within the next five years or so. On the other hand, if you do see yourself moving before too long, an ARM mortgage with a low initial rate may be the best way to lower your monthly payments.
Getting Out some Cash
Is your refinance goal primarily to pull out some of your equity for an infusion of cash? Your home needs new carpet; your son has gone to University and needs tuition money; or you have a special family vacation planned. Then you will need to find a loan higher than the remaining balance on your existing mortgage loan.Then you want However, if your mortgage rate is currently high and you've had it for a long time, you may be able to reach your goals without a rise in your mortgage payment.
Consolidating Your Debt
Do you want to pull out some of your equity to consolidate other debt? Excellent idea! If you have the equity in your home for it, taking care of other high interest debt (for example: credit cards, home equity loans, or car loans) means you may be able to save hundreds of dollars monthly.
Paying it off Sooner
Are you dreaming of paying off your loan sooner, while beefing up your equity quicker? If this is your wish, the refinance can move you to a mortgage loan program with a short, for example: a 15 year loan. Even though your mortgage payments will usually be increased, you can save on interest; so your equity amount will rise up faster. But, you may be able to make the change without a higher monthly payment if your longer term mortgage loan was closed a while back, and the remaining balance is small. You could even make it lower! To help you understand your options and the numerous benefits of refinancing, please contact us at (650) 689-5684. We are here for you.
Curious about refinancing? Give us a call: (650) 689-5684.