Which Refinancing Program is Best for You?

There aren't as many refinance loan options as there are applicants, but sometimes it feels like it! Contact us at 310-379-5997 and we'll help you qualify for the best refinance loan to fit your situation. surveying your choices, you'll need to consider what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan may be a wise option for you. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — with which the rate of interest can vary. Even if rates rise later, unlike with your ARM, when you qualify for a fixed rate mortgage, you lock in the low interest rate for the life of your mortgage. If you aren't expecting to sell your home in the near future (about five years), a fixed rate mortgage loan can particularly be a good loan option. On the other hand, if you do see yourself moving in the near future, an ARM with a small initial rate could be the ideal way to bring down your monthly payment.

Getting Out some Cash

Are you hoping to cash out some of your equity in your refinance? Your house needs improvements; your daughter has gone to college and needs tuition; or you are taking your family on a cruise. So you'll need to get a loan higher than the remaining balance of your existing mortgage loan.So you want You may not have an increase in your monthly payemnt, however, if you've had your current loan for a number of years, and/or your loan interest rate is high.

Consolidating Debt

Maybe you hope to cash out a portion of the equity (cash out) to put toward other debt. If you have the equity in your home to make it work, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you can save possibly hundreds of dollars per month.

Switching to a Shorter Term Loan

Do you need to build up home equity more quickly, and pay off your mortgage more quickly? If this is your wish, your refinance loan can change you to a mortgage program with a shorter term, such as a 15 year loan. Even though your monthly payments will probably be increased, you can save on interest; so your equity will build up faster. However, if you've held your current thirty-year loan for a number of years and the loan balance is somewhat low, you might be able to do this without increasing your mortgage payment — you may even be able to save! To help you figure out your options and the many benefits of 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: 310-379-5997.

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