Choosing a Refinancing Program

The number of refinance options available can be overwhelming. We can guide you to locate the loan program that can fit your needs the best. Call us at (415) 456-7802 to get started. What do you hope to achieve with your refinance loan? Considering in mind the following will help you narrow your choices.

Lowering Your 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 now have a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the rate of interest can vary. Even if rates rise later, unlike with your ARM, when you get a fixed-rate mortgage, you lock in the low interest rate for the term of your mortgage. If you expect to stay in your home for at least five more years, a fixed rate mortgage may be an especially good choice for you. However, an ARM with a initial low payment could be a better way to reduce your mortgage payments if you expect to move in the next few years.

Getting Out some Cash

Is "cashing out" your primary reason for refinancing? Perhaps you want to make home improvements, pay your child's college tuition bill, or take your family on a dream vacation. Then you'll want to find a loan for more than the remaining balance of your present mortgage.So you You will want to qualify for a loan for a higher amount than the balance remaining of your present mortgage in that case. You may not have an increase in your monthly payemnt, though, if you have had your current mortgage loan for a number of years, and/or your interest rate is high.

Debt Consolidation

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

Building up Equity Faster

Are you dreaming of paying off your loan more quickly, while building up your home equity more quickly? If this is your plan, your refinance mortgage can change you to a loan program with a shorter term, such as a 15 year loan. Although your monthly payments will usually be more, you will be paying less interest; so your equity will build up faster. On the other hand, if your current long-term mortgage loan has a low balance remaining, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you figure out your options and the numerous benefits in refinancing, please contact us at (415) 456-7802. We are here for you.

Want to know more about refinancing your home? Call us: (415) 456-7802.

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