Refinancing: Which Program is for You?

There are not as many loan program choices as there are applicants, but it seems like it sometimes! We can help you find the refinance program that will fit your needs the best. Call us at 562 320-0510 to begin the process. There are some general things to have in mind while you look at your options.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan could be a good choice for you. Perhaps you now hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — with which the interest rate can vary. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the loan, even if interest rates rise. A fixed-rate mortgage is especially a good idea if you don't expect to move within the next five years or so. However, an ARM with a initial low payment may be a smarter way to lower your monthly payments if you expect to move within the near future.

Getting Out some Cash

Is your refinance goal primarily to pull out some equity for an infusion of cash? It could be you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are updating your kitchen. So you will need to find a loan for more than the balance remaining of your present mortgage.In that case, you will You will be looking for a loan for more than the balance remaining of your existing home loan in this case. However, if your mortgage rate is currently high and you have held it for a long time, you could be able to achieve your goals without making your mortgage payments rise.

Consolidating Debt

Do you want to pull out some of your equity to consolidate additional debt? Great idea! If you have the home equity to make it work, paying off other high interest debt (like car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars in your budget each month.

Switching to a Shorter Term Loan

Are you planning to fatten up your home equity faster, and pay off your mortgage loan sooner? Consider refinancing with a shorterterm loan, like a 15-year mortgage loan. The monthly payments will likely be more than with the longer term mortgage, but the pay-off is: you will pay considerably less interest and can build up equity more quickly. However, if you have held your current 30-year mortgage loan for a number of years and the remaining balance is somewhat low, you might be able to do this without increasing your monthly mortgage payment — you could even be able to save! To help you figure out your options and the many benefits of refinancing, please call us at 562 320-0510. We are here to help you reach your goals!

Curious about refinancing? Call us at 562 320-0510.

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