Refinancing: Which Program is for You?

Although it may seem like it at times, there aren't as many loan options as there are applicants! Call us at 310-379-5997 and we will match you with the refinance program that fits you best. What do you hope to achieve with your refinance loan? Considering in mind the following will help you begin your decision process.

Lowering Your Payments

Are achieving better monthly payments and an improved rate your main refinance goals? Then a low, fixed rate loan may be the best loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your loan, even if interest rates rise. If you are expecting to live in your home for about five more years, a fixed-rate loan may be a particulary good option for you. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get reduced monthly payments.

Getting Out some Cash

Are you planning to cash out some of your home equity with your refinance? Perhaps you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. In this case, you'll need to get a loan for more than the balance remaining of your present mortgage loan.In this case, you need You may not increase your monthly payemnt, however, if you've had your current mortgage for a long time, and/or your loan interest rate is high.

Debt Consolidation

Do you hold other debt, maybe with high interest, that you need to consolidate? If you have built up some equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could help save you a chunk of money every month.

Getting a Shorter Term Loan

Do you need to build up equity more quickly, and have your mortgage paid off faster? Then, you'll want to find out about refinancing to a short term mortgage - such as a fifteen-year mortgage program. Although your monthly payment amount will likely be more, you will be paying less interest; so your equity amount will build up faster. But, you may be able to switch without a higher monthly payment if your long term mortgage loan was closed a while ago, and the balance remaining is somewhat low. You could even make it lower! To help you understand your options and the many benefits in refinancing, please call us at 310-379-5997. We are here for you.

Want to know more about refinancing? Give us a call: 310-379-5997.

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