Choosing a Refinancing Loan
The number of refinance options available is truly breathtaking. Contact us at 619-226-3234 and we will match you with the refinance program that fits you best. surveying your options, you can determine your goals for the refinance.
Lowering Your Payments
Are achieving lower monthly payments and an improved rate your main reasons for refinancing? If so, your best choice may be a low fixed-rate loan. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — with which the interest rate varies. Even when interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is particularly a wise choice if you don’t think you will move within the next 5 years or so. On the other hand, if you do see yourself selling your home before too long, an adjustable rate mortgage with a small initial rate could be the ideal way to reduce your monthly payment.
Cashing Out
Are you wanting to cash out some of your equity with your refinance? It could be you’re dreaming of a cruise; you have to pay tuition for your college-bound child; or you plan to renovate your home. So you want to find a loan above the remaining balance of your existing mortgage.With this goal, you will want However, if your interest rate is currently high and you have held it for quite a few years, you could be able to achieve your goals without a rise in your mortgage payment.
Debt Consolidation
Do you want to cash out some equity to consolidate other debt? Excellent idea! If you have built up some home equity, paying off other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) could help save you a chunk of cash each month.
Building up Equity More Quickly
Are you wanting 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 – such as a fifteen-year loan. The mortgage payments will probably be higher than with a long-term loan, but the pay-off is: you will pay considerably less interest and will build up equity more quickly. But, you could be able to switch without a bigger monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the remaining balance is small. You could even pay less! To help you determine your options and the numerous benefits in refinancing, please contact us at 619-226-3234. We are here for you.
