Which Refinancing Program is Best for You?

There aren't as many refinance loan options as there are borrowers, but it feels like it sometimes! Contact us at 310-379-5997 and we will match you with the loan program that is best for you. What are your goals for refinancing? Keeping in mind the information below will help you narrow your choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? If so, a good option may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when rates get higher later, unlike with your ARM, when you get a fixed-rate mortgage, you set the low rate for the life of your mortgage. If you expect to stay in your home for at least five more years, a loan with a fixed rate may be an especially good fit for you. However, an ARM with a initial low payment could be a wiser way to reduce your mortgage payments if you plan on moving in the next few years.

Getting Out some Cash

Is your refinance goal mainly to "cash out" some home equity? It could be you're going on a much needed vacation; you have to pay college tuition for your child; or you are planning some home improvements. With this in mind, you need to apply for a loan higher than the balance remaining of your current mortgage.With this goal, you'll want If you've had your current mortgage for quite a while and/or have a mortgage whose interest rate is high, you may be able to do this without making your mortgage payment bigger.

Consolidating Your Debt

Do you want to pull out a portion of your home equity to consolidate additional debt? Yes you can! If you have a fair amount of home equity, taking care of other debt with higher interest that your home loan (credit cards or home equity loans, for example) could help save you a chunk of cash every month.

Getting a Shorter Term Loan

Are you wanting to fatten your home equity faster, and pay your mortgage loan off more quickly? If this is your wish, the refinance loan can change you to a mortgage program with a shorter term, like a 15 year loan. You will be paying less interest and growing your home equity faster, even though your mortgage payments will usually be more than they were. However, if you have had your existing 30-year mortgage loan for a number of years and the loan balance is rather low, you may be able to do this without raising your monthly mortgage payment — it's even possible to save! To help you determine 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 at 310-379-5997.

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