Choosing a Refinancing Program
There are not as many loan program choices as there are applicants, but sometimes it seems like it! Contact us at 562 320-0510 and we can match you with the loan program that is ideal for you. surveying your options, you need to determine your goals for your refinance.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the best option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even if rates come up later, unlike with your ARM, when you get a mortgage with a fixed rate, you set that low interest rate for the term of your mortgage. If you are planning to live in your home for about five more years, a fixed rate mortgage may be a particulary good choice for you. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower payments.
Getting Out some Cash
Are you wanting to cash out some of your home equity in your refinance? Your house needs renovating; your daughter has been accepted to college and needs tuition; or you are taking your family on a cruise. With this in mind, you'll need to get a loan above the balance remaining on your present mortgage.So you want If you've had your existing mortgage loan for a number of years and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.
Perhaps you'd like to cash out some of the home equity (cash out) to use toward other debt. If you have enough equity, paying off other debt with higher interest that your home loan (credit cards or home equity loans, for example) may help save you a lot of money each month.
Paying it off Faster
Are you planning to fatten up your home equity faster, and pay your mortgage off more quickly? You should consider refinancing to a shorterterm loan, like a 15-year mortgage loan. You will be paying less interest and growing your home equity more quickly, even though your monthly payments will likely be more than they were. On the other hand, if your existing longer term mortgage loan has a small 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 figure out your options and the many 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: 562 320-0510.