Choosing a Refinancing Program

There are not as many loan programs as there are borrowers, but it seems like it sometimes! Contact us at 562 320-0510 and we can work with you to qualify you for the right refinance program for your situation. What do you hope to achieve with refinancing? Considering in mind the information below will help you begin your decision process.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan might be a wise choice for you. Maybe you now hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the mortgage loan, even as interest rates rise. This kind of loan can be particularly a good option if you don't plan to sell your home within the next five years or so. However, if you can see yourself moving before too long, an ARM with a low initial rate could be the ideal way to lower your monthly payment.

Cashing Out

Are you planning to cash out some of your equity with your refinance? It could be you're going on a much needed vacation; you have to pay college tuition for your child; or you plan to renovate your home. Then you need to find a loan for more than the balance remaining on your current mortgage.With this goal, you will need You might not have an increase in your mortgage payemnt, though, if you have had your existing loan for a while, and/or your interest rate is high.

Debt Consolidation

Do you want to pull out some equity to consolidate other debt? Great idea! If you have enough home equity, paying toward other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) might help save you a lot of cash each month.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off more quickly, while beefing up your home equity faster? If this is your plan, your refinance can switch you to a loan program with a shorter term, such as a 15 year loan. Even though your mortgage payment amount will probably be increased, you can be paying less interest; so your home equity will rise up faster. On the other hand, if your existing longer term mortgage loan has a low balance remaining, and was closed a while ago, you may even be able to make the move without paying more each month. To help you understand your options and the many benefits in refinancing, please contact us at 562 320-0510. We are here for you.

Want to know more about refinancing your home? Call us: 562 320-0510.

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