Which Refinancing Option is Best for You?

The number of refinance options available to borrowers is truly breathtaking. Call us at 562 320-0510 and we can match you with the refinance loan program that is ideal for you. There are several things to keep in mind while you look at your options.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? Then the best option might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the mortgage, even if interest rates rise. This kind of loan can be especially a wise choice if you don't think you'll be moving within the next 5 years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.

Refinancing to Cash Out

Are you planning to cash out some of your equity in your refinance? Maybe you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are updating your kitchen. Then you need to qualify for a loan for more than the balance remaining on your current mortgage loan.So you'll want to qualify for a loan program for a higher number than the remaining balance on your current mortgage loan. However, if your loan interest rate is high now and you've had it for a long time, you may be able to accomplish your goals without making your mortgage payments increase.

Consolidating Debt

Do you hold other debt, maybe with a high interest rate, that you'd like to consolidate? If you have enough home equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) may be able to save you a chunk of money each month.

Paying it off Sooner

Are you hoping to fatten up your home equity faster, and pay off your mortgage loan more quickly? Then, you'll want to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. You will be paying less interest and growing your home equity faster, although your payments will usually be more than you have been paying. But, you may be able to make the change without a bigger monthly payment if your long term loan was closed a while ago, and the remaining balance is small. You could even make it lower! To help you understand your options and the numerous benefits in refinancing, please call us at 562 320-0510. We are here for you.

Curious about refinancing your home? Give us a call: 562 320-0510.

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