Refinancing: Which Program is for You?

There are not as many loan program choices as there are applicants, but at times it seems like it! We can help you select the loan program that will fit your financial situation the best. Call us at 562 320-0510 to begin the process. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, the best option may be a low fixed-rate loan. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed-rate mortgage will stay at the same, low interest rate, unlike an ARM. This is especially a wise choice if you don't expect to sell your home within the next 5 years or so. 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 reduced mortgage payments.

Refinancing to Cash Out

Is "cashing out" your primary purpose for your refinance? Your home needs updating; your son has been accepted to University and needs tuition money; or you are taking your family on a cruise. In this case, you want to get a loan above the remaining balance on your existing mortgage loan.Then you want You might not increase your mortgage payemnt, however, if you've had your current mortgage loan for a number of years, and/or your loan interest rate is high.

Debt Consolidation

Do you hold other debt, perhaps with higher interest, that you'd like to consolidate? If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars monthly.

Paying it off Sooner

Are you planning to fatten your equity faster, and get your mortgage paid off more quickly? Consider refinancing with a shorterterm loan, like a 15-year mortgage. You will be paying less interest and growing your equity faster, even though your mortgage payments will generally be more than they were. But, you may be able to switch without much increase in your monthly payment if your longer term mortgage loan was closed a while ago, and the balance remaining is small. You may even pay less! To help you determine your options and the multiple benefits in refinancing, please call us at 562 320-0510. We are here for you.

Curious about refinancing? Call us at 562 320-0510.

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