Which Refinancing Loan Program is Right for You?

The huge number of refinance options available is truly breathtaking. Call us at 562 320-0510 and we'll help you qualify for the best refinance loan for your situation. In the interest of looking at your options, you need to think about your goals for your refinance.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan may be a wise option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even if interest rates rise, a fixed-rate mortgage loan must stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is especially a wise option if you don't think you'll be selling your home within the next five years or so. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Refinancing to Cash Out

Is "cashing out" your primary purpose for refinancing? Perhaps you need to pay for home improvements, take care of your college kid's tuition, or take a cruise. Then you need to find a loan higher than the balance remaining of your present mortgage loan.Then you will You'll need to qualify for a loan for a higher amount than the balance remaining of your existing home loan in that case. If you've had your current mortgage loan for quite a while and/or have a mortgage loan with a high interest rate, you may be able to do this without making your mortgage payment bigger.

Debt Consolidation

Perhaps you want to cash out some equity in your home (cash out) to use toward other debt. If you have the equity in your home for it, taking care of other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars in your monthly budget.

Switching to a Shorter Term Loan

Are you dreaming of paying off your loan more quickly, while building up your home equity quicker? You should consider refinancing with a shorterterm loan, often a 15-year mortgage. Your monthly payments will likely be more than with the longer term loan, but the pay-off is: that you will pay substantially less interest and will build up equity quicker. Conversely, if your current long-term mortgage has a low balance remaining, and was closed a number of years ago, you may even be able to make the move without paying more each month. To help you understand your options and the numerous benefits in refinancing, please call us at 562 320-0510. We are here for you.

Want to know more about refinancing? Give us a call at 562 320-0510.

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