Refinancing: Which Loan Program is for You?

The huge number of refinance options available to borrowers is truly breathtaking. Contact us at 5623200510 and we'll help you qualify for the perfect loan program to fit your financial situation. What do you hope to achieve with refinancing? Keeping in mind the following will help you begin your decision process.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be the ideal option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your mortgage loan, even if interest rates rise. This can be particularly a good idea if you don't think you'll be moving within the next five years or so. However, if you do see yourself moving before too long, an ARM with a low initial rate may be the ideal way to lower your monthly payment.

Refinancing to Cash Out

Are you planning to cash out some of your home equity in your refinance? Perhaps you're planning a special vacation; you need to pay college tuition for your child; or you are updating your kitchen. In this case, you want to qualify for a loan for more than the balance remaining on your existing mortgage.Then you'll want to find a loan for a higher number than the balance remaining on your present mortgage. However, if your interest rate is currently high and you've had it for quite a few years, you may be able to reach your goals without a rise in your mortgage payment.

Consolidating Your Debt

Do you have other debt, maybe with a high interest rate, that you need to consolidate? If you have the equity in your home for it, paying off other high interest debt (like home equity loans, student loans, or credit cards) means you may be able to save several hundred dollars in your budget each month.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off faster, while beefing up your equity faster? If this is your goal, your refinance mortgage can change you to a mortgage program with a short, for example: a 15 year loan. The monthly payments will probably be higher than with the longer term mortgage loan, but in exchange, you will pay quite a bit less interest and will build up equity quicker. However, if you have held your existing 30 year loan for a long time and the remaining balance is somewhat low, you could be able to do this without increasing your monthly mortgage payment — you might even be able to save! To help you determine your options and the multiple benefits in refinancing, please call us at 5623200510. We will help you reach your goals!

Curious about refinancing your home? Call us: 5623200510.

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Reliance Mortgage Service, Inc

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