Refinancing: Which Option is for You?

The number of refinance options available to borrowers can be overwhelming. Contact us at (415) 456-7802 and we'll help you qualify for the right refinance loan program for your financial situation. surveying your options, you'll need to think about what you want to achieve with the refinance.

Making Your Payments Lower

Are achieving better mortgage payments and a lower rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. Maybe you are currently in a mortgage with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even when rates rise later, unlike with your ARM, when you close a fixed-rate mortgage, you set the low rate for the life of your mortgage. If you plan to stay in your home for about five more years, a fixed-rate loan may be an especially good fit for you. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get lower payments.

Refinancing to Cash Out

Is your refinance goal mainly to "cash out" some home equity? Maybe you want to make home improvements, take care of your college kid's tuition, or take your dream vacation. Then you'll need to qualify for a loan for more than the balance remaining on your present mortgage loan.With this goal, you'll want You might not have an increase in your monthly payemnt, however, if you've had your existing loan for a while, and/or your loan interest rate is high.

Consolidating Debt

Perhaps you want to pull out some home equity (cash out) to put toward other debt. If you have the equity in your home to make it work, paying off other high interest debt (such as car loans, credit cards, student loans, or home equity loans) means you may be able to save hundreds of dollars a month.

Building up Equity Faster

Are you planning to fatten up your home equity faster, and pay off your mortgage loan sooner? In that case, you want to find out about refinancing to a short term mortgage - like a fifteen-year mortgage loan. Although your mortgage payment amount will likely be increased, you can save on interest; so your home equity will rise up faster. But, you might be able to make the change without much increase in your monthly mortgage payment if your longer term loan was closed a while back, and the remaining balance is somewhat low. You could even pay less! To help you determine your options and the multiple benefits of refinancing, please call us at (415) 456-7802. We are here for you.

Curious about refinancing your home? Call us at (415) 456-7802.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question