Selecting a Refinancing Option
The number of refinance options available to borrowers is truly breathtaking. Call us at (909) 467-1090 and we can match you with the refinance program that fits you best. In the interest of looking at your options, you should consider what you want to achieve with the refinance.
Making Your Payments Lower
Are achieving reduced monthly payments and a lower rate your main reasons for refinancing? If so, applying for a low, fixed-rate loan may be a wise option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when interest rates rise, a fixed-rate mortgage will remain at the same, low interest rate, unlike an ARM. This kind of loan can be especially a good option if you don't think you will move within the next five years or so. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced monthly payments.
Are you hoping to cash out some of your equity with your refinance? Your home needs new carpet; your daughter has gone to college and needs tuition; or you are planning a special vacation. So you will want to find a loan above the remaining balance on your current mortgage.So you will need However, if your interest rate is high now and you've had it for quite a few years, you may be able to reach your goals without making your monthly payments bigger.
Consolidating Your Debt
Do you want to pull out some of your equity to consolidate additional debt? Yes you can! If you hold some higher interest debts (like credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have enough home equity.
Building up Equity More Quickly
Are you dreaming of paying your loan off more quickly, while beefing up your home equity more quickly? Then, you'll want to find out about refinancing to a short term mortgage - like a fifteen-year mortgage program. The payments will probably be more than with the longer term mortgage, but the pay-off is: that you will pay substantially less interest and will build up equity more quickly. However, if you have had your existing 30-year loan for a number of years and the loan balance is rather low, you could be do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the numerous benefits of refinancing, please contact us at (909) 467-1090. We would love to help you reach your goals!