Which Refinancing Program is Right for You?

When you are overwhelmed with all the choices, it may seem like there are even more refinance loan programs than applicants! Contact us at (916) 399-5500 and we'll help you qualify for the perfect refinance program to fit your situation. What do you hope to achieve with refinancing? Keeping in mind the following will help you narrow your choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan could be a good choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even if rates come up later, unlike with your ARM, when you close a fixed-rate mortgage, you set that low interest rate for the term of your mortgage. This kind of loan can be particularly a wise choice if you aren't expecting a move within the next 5 years or so. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate to get lower monthly payments.

Getting Out some Cash

Are you hoping to cash out some of your home equity with your refinance? Your home needs improvements; your son has been accepted to University and needs tuition money; or you are taking your family on a cruise. Then you'll need to get a loan higher than the remaining balance of your current mortgage.Then you'll need However, if your mortgage rate is currently high and you've had it for a long time, you could be able to achieve your goals without an increase in your mortgage payment.

Consolidating Your Debt

Do you have other debt, maybe with a high interest rate, that you need to consolidate? If you have the home equity to make it work, paying off other high interest debt (like car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars monthly.

Getting a Shorter Term Loan

Do you want to build up home equity quicker, and have your mortgage paid off more quickly? Then, you'll want to look into refinancing to a short term mortgage - for example, a fifteen-year mortgage loan. Even though your monthly payment amount will usually be increased, you can save on interest; so your home equity will build up faster. But, you could be able to switch without much increase in your monthly mortgage payment if your long term mortgage loan was closed a while back, and the remaining balance is small. You may even pay less! To help you determine your options and the numerous benefits in refinancing, please contact us at (916) 399-5500. We are here for you.

Curious about refinancing? Give us a call at (916) 399-5500.

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