Selecting a Refinancing Option

The number of refinance options available can be overwhelming. We can help you locate the loan program that can fit your needs the best. Call us at (415) 456-7802 to begin the process. In order to review your options, you should list your goals for the refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan may be a good choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even when rates get higher later, unlike with your ARM, when you close a mortgage with a fixed rate, you set the low rate for the life of your loan. If you are not expecting to sell your home in the near future (about five years), a fixed rate mortgage loan can especially be a great choice. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower payments.

Refinancing to Cash Out

Are you planning to cash out some of your home equity with your refinance? Perhaps you're going on a much needed vacation; you have to pay college tuition for your child; or you are planning some home improvements. With this in mind, you'll want to look for a loan higher than the remaining balance on your current mortgage loan.With this goal, you want If you've had your existing mortgage loan for a number of years and/or have a high interest mortgage, you may be able to do this without making your mortgage payment bigger.

Consolidating Debt

Perhaps you want to pull out a portion of the equity (cash out) to use toward other debt. If you have a fair amount of home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) may be able to save you a lot of cash every month.

Building up Equity More Quickly

Are you dreaming of paying off your loan sooner, while building up your equity more quickly? If this is your hope, the refinance loan can change you to a loan program with a short, for example: a 15 year loan. The payments will likely be more than with the long-term mortgage loan, but the pay-off is: that you will pay substantially less interest and will build up equity more quickly. However, if you have held your current 30-year mortgage for a number of years and the loan balance is rather low, you might be able to do this without increasing your mortgage payment — you may even be able to save! To help you figure out your options and the many benefits of refinancing, please call us at (415) 456-7802. We would love to help you reach your goals!

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

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