Choosing a Refinancing Program
The number of refinance options available to borrowers can be overwhelming. We can help you choose the refinance program that will fit your needs the best. Contact us at 562 320-0510 to get started. What are your reasons for refinancing? Considering in mind the information below will help you begin your decision process.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. Perhaps you currently have a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — where the interest rate can vary. Even when interest rates rise, a fixed-rate mortgage loan must stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be especially a wise option if you aren't planning a move within the next five years or so. However, an ARM with a initial low payment may be a better way to lower your mortgage payments if you expect to move in the near future.
Refinancing to Cash Out
Are you wanting to cash out some of your equity with your refinance? Maybe you need to update your kitchen, take care of your college kid's tuition, or go on a dream vacation. Then you'll need to find a loan above the remaining balance on your current mortgage.So you You will need to qualify for a loan for a bigger amount than the remaining balance of your current mortgage loan in that case. You might not have an increase in your mortgage payemnt, however, if you've had your existing mortgage for a while, and/or your interest rate is high.
Perhaps you'd like to cash out some of the home equity (cash out) to put toward other debt. If you hold any higher interest debts (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have the right amount of equity.
Building up Equity Faster
Are you dreaming of paying your loan off more quickly, while beefing up your equity quicker? If this is your hope, the refinance can move you to a mortgage program with a short, like a 15 year loan. The payments will probably be higher than with your longer term mortgage, but the pay-off is: that you will pay substantially less interest and will build up equity more quickly. But, you could be able to make the change without much increase in your monthly mortgage payment if your longer term mortgage was closed a while ago, and the balance remaining is low enough. You could even pay less! To help you figure out your options and the numerous benefits of refinancing, please contact us at 562 320-0510. We can help you reach your goals!
Curious about refinancing? Give us a call: 562 320-0510.