Which Refinancing Program is Right for You?
Although it seems like it sometimes, there are not as many refinance loan options as there are applicants! Call us at (650) 689-5684 and we'll help you qualify for the best refinance program for your situation. surveying your choices, you can list your goals for your refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a good option might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even if rates come up later, unlike with your ARM, when you close a fixed rate mortgage, you lock in the low interest rate for the term of your mortgage. This is especially a wise idea if you aren't expecting a move within the next 5 years or so. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced payments.
Are you planning to cash out some of your home equity with your refinance? Perhaps you're going on a much needed vacation; you have to pay college tuition for your child; or you plan to renovate your home. With this in mind, you'll want to qualify for a loan higher than the remaining balance on your existing mortgage loan.In that case, you'll need However, if your loan interest rate is high now and you've had it for quite a few years, you may be able to accomplish your goals without a rise in your mortgage payment.
Consolidating Your Debt
Maybe you'd like to pull out a portion of the equity in your home (cash out) to put toward other debt. If you own some higher interest debts (such as credit cards or car loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have the right amount of equity.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off sooner, while beefing up your home equity quicker? If this is your hope, the refinance can change you to a mortgage program with a shorter term, for example: a 15 year loan. Although your mortgage payments will probably be increased, you will save on interest; so your equity will build up faster. But, you might be able to switch without a bigger monthly mortgage payment if your long term mortgage was closed a while back, and the balance remaining is somewhat low. You may even make it lower! To help you figure out your options and the multiple benefits in refinancing, please call us at (650) 689-5684. We can help you reach your goals!
Curious about refinancing your home? Call us: (650) 689-5684.