Choosing a Refinancing Program

Even though it may seem like it at times, there are not as many loan options as there are applicants! We can help you locate the loan program that can fit your needs the best. Call us at 6507631924 to get things started. There are some general things to have in mind as you look at the options.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? Then a good option could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when rates get higher later, unlike with your ARM, when you get a fixed rate mortgage, you lock in that low interest rate for the term of your mortgage. If you expect to stay in your home for about five more years, a fixed-rate loan may be an especially good option for you. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower monthly payments.

Refinancing to Cash Out

Is "cashing out" your main reason for refinancing? Maybe you're planning a special vacation; you have to pay college tuition for your child; or you are updating your kitchen. In this case, you want to get a loan higher than the balance remaining on your existing mortgage.Then you will need However, if your mortgage rate is high now and you have held it for quite a few years, you could be able to accomplish your goals without making your monthly payments rise.

Debt Consolidation

Do you want to pull out some home equity to consolidate additional debt? Great plan! If you have the equity in your home to make it work, 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 possible save hundreds of dollars in your monthly budget.

Switching to a Shorter Term Loan

Do you hope to build up home equity quicker, and pay off your mortgage faster? If this is your plan, your refinance loan can switch you to a mortgage loan program with a short, for example: a 15 year loan. The mortgage payments will probably be higher than with a longer term mortgage loan, but the pay-off is: that you will pay substantially less interest and will build up equity quicker. Conversely, if your current long-term loan has a small remaining balance, 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 multiple benefits in refinancing, please call us at 6507631924. We can help you reach your goals!

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

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Norcal Capital Group, Inc

1369 El Camino Real
Millbrae, CA 94030