Choosing a Refinancing Program
There are not as many refinance loan programs as there are applicants, but it feels like it at times! Contact us at (415) 456-7802 and we'll help you qualify for the perfect refinance loan for your financial needs. surveying your choices, you can determine what you want to achieve with the refinance.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan may be a wise option for you. Maybe you are now in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even when rates come up later, unlike with your ARM, when you get a mortgage with a fixed rate, you set that low rate for the term of your loan. A fixed-rate mortgage can be especially a wise idea if you aren't expecting a move within the next 5 years or so. On the other hand, if you can see yourself moving before too long, an ARM mortgage with a small initial rate could be the best way to reduce your monthly payments.
Getting Out some Cash
Are you planning to cash out some of your home equity with your refinance? Your home needs new carpet; your daughter has gone to University and needs tuition; or you are planning a special vacation. So you want to find a loan above the balance remaining of your current mortgage.Then you'll need You might not increase your mortgage payemnt, however, if you have had your existing mortgage loan for a number of years, and/or your loan interest rate is high.
Do you want to cash out a portion of your equity to consolidate additional debt? Good idea! If you hold any higher interest debts (such as credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have the right amount of equity.
Paying it off Faster
Are you planning to fatten up your equity faster, and pay your mortgage off more quickly? If this is your hope, your refinance can change you to a mortgage loan program with a short, like a 15 year loan. Even though your monthly payments will probably be increased, you can save on interest; so your equity amount will build up faster. However, if you have held your existing 30-year loan for a number of years and the remaining balance is relatively low, you might be able to do this without raising your mortgage payment — it's even possible to save! To help you figure out your options and the many benefits of refinancing, please call us at (415) 456-7802. We are here for you.
Want to know more about refinancing your home? Give us a call at (415) 456-7802.