Which Refinancing Loan Program is Best for You?

The huge number of refinance options available to borrowers is truly breathtaking. Contact us at 310-379-5997 and we'll work with you to qualify you for the right refinance program for your financial needs. What do you hope to achieve with refinancing? Considering in mind the following will help you narrow your choices.

Lowering Your Payments

Are achieving reduced payments and a better rate your main refinance goals? If so, a good choice may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your loan, even when interest rates rise. If you are expecting to stay in your home for at least five more years, a fixed rate loan may be a particulary good choice for you. But if you do plan to move more quickly, you will want to consider an ARM with a low initial rate to get reduced mortgage payments.

Refinancing to Cash Out

Are you refinancing primarily to "cash out" some home equity? Your house needs updating; your son has been accepted to college and needs tuition money; or you are taking your family on a cruise. Then you want to find a loan above the balance remaining on your present mortgage loan.With this goal, you'll need If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment bigger.

Consolidating Debt

Do you hold other debt, maybe with a high interest rate, that you want to consolidate? If you have built up some equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a lot of cash each month.

Paying it off Sooner

Do you hope to build up equity more quickly, and pay off your mortgage more quickly? Consider refinancing with a short-term loan, like a 15-year mortgage loan. Although your mortgage payment amount will usually be more, you will be paying less interest; so your equity amount will build up faster. But, you might be able to make the change without much increase in your monthly payment if your long term loan was closed a while back, and the remaining balance is low enough. You may even make it lower! To help you understand your options and the many benefits of refinancing, please call us at 310-379-5997. We will help you reach your goals!

Curious about refinancing? Give us a call: 310-379-5997.

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