Selecting a Refinancing Option

There are an enormous number of refinancing programs available to borrowers. We can help you choose the refinance program that can fit your financial situation the best. Call us at 6507631924 to begin the process. What do you hope to achieve with refinancing? Considering in mind the information below will help you narrow your choices.

Lowering Your Payments

Are getting better monthly payments and an improved rate your main refinance goals? If so, the best option might be a low fixed-rate loan. 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 loan will stay at the same, low interest rate, unlike an ARM. If you aren't expecting to move in the near future (about five years), a fixed-rate mortgage can especially be a wise option. On the other hand, if you can see yourself moving before too long, an ARM mortgage with a small initial rate might be the best way to lower your monthly payment.

Refinancing to Cash Out

Are you hoping to cash out some of your equity in your refinance? 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 will want to apply for a loan for more than the balance remaining on your present mortgage.With this goal, you want to need to find a loan program for a higher amount than the remaining balance on your existing mortgage loan. However, if your loan interest rate is high now and you've held it for quite a few years, you could be able to reach your goals without a rise in your mortgage payment.

Consolidating Debt

Maybe you want to cash out a portion of the equity (cash out) to put toward other debt. If you have the home equity for it, taking care of other debt with higher interest than the rate on your mortgage (such as credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars per month.

Getting a Shorter Term Loan

Are you hoping to fatten up your equity faster, and pay off your mortgage sooner? If this is your goal, the refinance mortgage can switch you to a loan program with a short, such as a 15 year loan. The payments will probably be more than they were with the longer term loan, but in exchange, that you will pay substantially less interest and can build up equity more quickly. Conversely, if your existing longer term loan has a low remaining balance, and was closed a while ago, you may be able to make the move without paying more each month. To help you figure out your options and the numerous benefits of refinancing, please contact us at 6507631924. We are here to help you reach your goals!

Want to know more about refinancing your home? Call us at 6507631924.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question

Norcal Capital Group, Inc

1369 El Camino Real
Millbrae, CA 94030