Refinancing: Which Program is for You?

There are an enormous number of refinancing programs available to borrowers. We can help you select the refinance program that can fit your needs the best. Contact us at 310-379-5997 to begin the process. There are some general things to bear in mind while you review the choices.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the right option for you. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies : an adjustable rate mortgage (ARM). Even when rates come up later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you lock in that low rate for the term of your loan. A fixed-rate mortgage is particularly a good option if you aren't expecting a move within the next 5 years or so. However, an ARM with a initial low payment may be a better way to reduce your payments if you expect to move in the near future.

Cashing Out

Are you refinancing mainly 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 are taking your family on a cruise. With this in mind, you'll want to apply for a loan higher than the remaining balance on your present mortgage loan.With this goal, you will need You may not increase your monthly payemnt, however, if you have had your existing mortgage loan for a long time, and/or your loan interest rate is high.

Consolidating Debt

Do you have other debt, perhaps with a higher interest rate, that you want to consolidate? If you have enough home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) might be able to save you a lot of money every month.

Paying it off Faster

Are you dreaming of paying your loan off faster, while building up your equity quicker? In that case, you'll want to look into refinancing to a short term mortgage loan - like a fifteen-year mortgage program. Although your monthly payment amount will probably be more, you will save on interest; so your home equity will build up faster. On the other hand, if your current long-term mortgage loan has a low remaining balance, and was closed a while ago, you may be able to make the change without paying more each month. To help you understand your options and the many benefits of refinancing, please contact us at 310-379-5997. We are here for you.

Want to know more about refinancing your home? Call us at 310-379-5997.

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