Choosing a Refinancing Program

There aren't as many refinance loan options as there are applicants, but at times it seems like it! Contact us at 562 320-0510 and we will match you with the refinance loan program that fits you best. In order to review your choices, you'll need to list your goals for the refinance.

Reducing Your Monthly Payments

Is your refinance primarily to lower your rate and monthly payments? If so, the best choice could be a low fixed-rate loan. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your mortgage, even if interest rates rise. If you are expecting to live in your home for about five more years, a loan with a fixed rate may be a particulary good option for you. On the other hand, if you can see yourself selling your home before too long, an adjustable rate mortgage with a low initial rate may be the best way to lower your monthly payment.

Refinancing to Cash Out

Is "cashing out" your main purpose for refinancing? Your home needs improvements; your daughter has gone to college and needs tuition money; or you are taking your family on a cruise. Then you'll want to get a loan higher than the remaining balance on your current mortgage loan.Then you will You will be looking for a loan for more than the current balance with your existing mortgage in this case. If you've had your current mortgage loan for a number of years and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment bigger.

Consolidating Debt

Do you want to cash out some of your home equity to consolidate other debt? Good plan! If you have the equity in your home to make it work, taking care of other debt with higher interest than the rate on your mortgage (for example: home equity loans, student loans, or credit cards) means you may be able to save several hundred dollars a month.

Building up Equity More Quickly

Do you plan to build up home equity quicker, and have your mortgage paid off more quickly? If this is your wish, your refinance can change you to a mortgage loan program with a shorter term, such as a 15 year loan. Your mortgage payments will likely be more than they were with the longer term mortgage, but the pay-off is: that you will pay considerably less interest and can build up equity quicker. On the other hand, if your existing longer term loan has a small balance remaining, and was closed a number of years ago, you may be able to make the move without paying more each month. To help you figure out your options and the multiple benefits in refinancing, please call us at 562 320-0510. We are here for you.

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

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