Which Refinancing Option is Best for You?

There are not as many refinance loan options as there are applicants, but sometimes it feels like it! Contact us at 6507631924 and we will match you with the refinance loan program that fits you best. What are your goals for refinancing? Considering in mind the following will help you narrow your choices.

Making Your Payments Lower

Are getting reduced monthly payments and an improved rate your main refinance goals? In that case, a good choice may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even when rates rise later, unlike with your ARM, when you qualify for a fixed rate mortgage, you lock in the low rate for the life of your loan. If you expect to live in your home for about five more years, a fixed rate mortgage may be a particulary good option for you. However, an ARM with a low intitial payment may be a better way to reduce your mortgage payments if you see yourself moving within the near future.

Refinancing to Cash Out

Are you refinancing primarily to "cash out" some home equity? Maybe you need to make home improvements, take care of your college kid's tuition, or go on a special family vacation. In this case, you want to find a loan for more than the remaining balance on your present mortgage.In that case, you'll want to need to find a loan program for a higher number than the remaining balance on your present mortgage. You may not increase your monthly payemnt, however, if you have had your current mortgage for a number of years, and/or your interest rate is high.

Consolidating Debt

Do you have other debt, maybe with higher interest, that you'd like to consolidate? If you own some debt with higher interest (such as credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of equity.

Getting a Shorter Term Loan

Are you wanting to fatten your home equity faster, and pay your mortgage off more quickly? If this is your plan, the refinance loan can switch you to a mortgage program with a shorter term, like a 15 year loan. Even though your mortgage payment amount will likely be increased, you can be paying less interest; so your equity amount will build up faster. However, if you've had your existing thirty year mortgage loan for a number of years and the loan balance is rather low, you may be do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the many benefits in refinancing, please call us at 6507631924. We are here for you.

Curious about refinancing your home? Give us a call: 6507631924.

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Norcal Capital Group, Inc

1369 El Camino Real
Millbrae, CA 94030