Which Refinancing Loan Program is Best for You?

The number of refinance options available is truly breathtaking. We can guide you to find the refinance program that will fit your financial situation the best. Call us at 6507631924 to begin the process. There are some general questions to ask yourself while you consider your options.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the right option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even if interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. This can be especially a good idea if you don't plan to move within the next five years or so. However, an ARM with a initial low payment may be a smarter way to reduce your payments if you plan on moving in the near future.

Cashing Out

Is "cashing out" your primary purpose for refinancing? Your house needs improvements; your son has been accepted to University and needs tuition; or you are planning a special vacation. So you will want to get a loan above the balance remaining on your existing mortgage loan.So you'll want to find a loan for a bigger number than the balance remaining on your present mortgage loan. If you've had your existing mortgage loan for quite a while and/or have a loan with a high interest rate, you might\could be able to do this without increasing your monthly payment.

Consolidating Your Debt

Do you have other debt, perhaps with high interest, that you'd like to consolidate? If you have the equity in your home for it, taking care of other high interest debt (such as car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars in your monthly budget.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off sooner, while beefing up your home equity quicker? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. You will be paying less interest and increasing your home equity faster, although your payments will usually be higher than you have been paying. On the other hand, if your current long-term mortgage 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 understand your options and the multiple benefits of refinancing, please call us at 6507631924. We would love 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