Refinancing: Which Program is for You?

The number of refinance options available can be overwhelming. Contact us at 310-379-5997 and we will match you with the loan program that is ideal for your needs. What do you hope to achieve with refinancing? Considering in mind the following will help you begin your decision process.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the ideal option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even when interest rates rise, a fixed-rate mortgage must stay at the same, low interest rate, unlike an ARM. If you are expecting to stay in your home for about five more years, a fixed-rate loan may be a particulary good fit for you. However, an ARM with a initial low payment could be a wiser way to reduce your mortgage payments if you expect to move within the near future.

Getting Out some Cash

Are you refinancing primarily to pull out some equity for an infusion of cash? Your house needs renovating; your daughter has gone to University and needs tuition money; or you have a special family vacation planned. So you'll need to get a loan higher than the balance remaining on your current mortgage.With this goal, you will want to find a loan for a higher amount than the remaining balance on your present mortgage loan. However, if your loan interest rate is high now and you've held it for quite a few years, you may be able to achieve your goals without a rise in your mortgage payment.

Consolidating Your Debt

Perhaps you hope to pull out some of the equity (cash out) to put toward other debt. If you have some debt with higher interest (like credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate through your refinance, if you have enough equity.

Getting a Shorter Term Loan

Are you hoping to fatten up your home equity faster, and pay off your mortgage loan more quickly? In that case, you need to find out about refinancing to a short term mortgage - like a fifteen-year loan. Your monthly payments will likely be more than with your longer term loan, but the pay-off is: you will pay considerably less interest and can build up equity more quickly. However, if you've held your current thirty year mortgage for a long time and the remaining balance is rather low, you might be able to do this without raising your monthly mortgage payment — it's even possible to save! To help you figure out 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 your home? Give us a call at 310-379-5997.

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