Which Refinancing Loan Program is Right for You?

There are a huge number of refinancing programs available to borrowers. Call us at 6507631924 and we will match you with the loan program that fits you best. There are some general things to keep in mind while you review the choices.

Lowering Your Payments

Are achieving lower payments and a lower rate your main reasons for refinancing? If so, getting a low, fixed-rate loan could be a wise choice for you. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies : an adjustable rate mortgage (ARM). Even when rates rise later, unlike with your ARM, when you get a mortgage with a fixed rate, you set the low interest rate for the term of your mortgage. A fixed-rate mortgage can be particularly a wise choice if you don't think you'll be selling your home within the next 5 years or so. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate to get reduced monthly payments.

Getting Out some Cash

Is your refinance goal primarily to pull out some home equity for an infusion of cash? Perhaps you want to update your kitchen, take care of your college kid's tuition, or go on a an Alaskan cruise. Then you'll need to look for a loan for more than the remaining balance of your existing mortgage.Then you will need You may not increase your monthly payemnt, though, if you've had your current mortgage loan for a while, and/or your loan interest rate is high.

Consolidating Your Debt

Do you want to pull out some of your equity to consolidate additional debt? Good idea! If you have the equity in your home for it, paying off other high interest debt (like car loans, credit cards, student loans, or home equity loans) means you can save possibly hundreds of dollars per month.

Building up Equity More Quickly

Are you wanting to fatten up your equity faster, and pay your mortgage loan off more quickly? If this is your goal, your refinance loan can change you to a mortgage program with a shorter term, like a 15 year loan. Although your mortgage payments will likely be more, you will save on interest; so your equity will build up faster. However, if you've held your existing thirty-year mortgage loan for a long time and the loan balance is rather low, you may be able to do this without raising your mortgage payment — it's even possible to save! To help you determine your options and the numerous benefits in refinancing, please contact us at 6507631924. We are here for you.

Want to know more about refinancing? Give us a call: 6507631924.

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Norcal Capital Group, Inc

1369 El Camino Real
Millbrae, CA 94030