Refinancing: Which Program is for You?

The huge number of refinance options available is truly breathtaking. Contact us at 6507631924 and we will match you with the refinance loan program that is best for you. There are several questions to ask yourself as you look at 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 ideal loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when rates come up later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you lock in the low interest rate for the term of your loan. A fixed-rate mortgage is especially a good choice if you don't expect to sell your home within the next 5 years or so. However, an ARM with a initial low payment could be a wiser way to lower your payments if you expect to move in the next few years.

Cashing Out

Are you planning to cash out some of your equity with your refinance? Perhaps you need to update your kitchen, take care of your college kid's tuition, or go on a an Alaskan cruise. In this case, you will want to find a loan for more than the remaining balance on your current mortgage loan.Then you will want If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Maybe you'd like to pull out some equity in your home (cash out) to use toward other debt. If you have the equity in your home for it, taking care of other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars each month.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off sooner, while building up your home equity faster? In that case, you'll need to look into refinancing to a short term mortgage loan - such as a fifteen-year mortgage loan. The mortgage payments will likely be higher than they were with a long-term mortgage, but the pay-off is: you will pay substantially less interest and will build up equity more quickly. Conversely, if your existing longer term loan has a low balance remaining, and was closed a number of years ago, you may even be able to make the change without paying more each month. To help you figure out your options and the numerous benefits of refinancing, please call us at 6507631924. We would love to help you reach your goals!

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

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Norcal Capital Group, Inc

1369 El Camino Real
Millbrae, CA 94030