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Which Refinancing Loan Program is Best for You?

There are not as many refinance loan options as there are applicants, but at times it feels like it! We can help you select the refinance program that can fit your financial situation the best. Call us at (909) 467-1090 to get things started. In the interest of looking at your options, you can list your goals for your refinance.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be your best option. Perhaps you now hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — in which the rate of interest can vary. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the mortgage loan, even if interest rates rise. If you are expecting to live in your home for at least five more years, a loan with a fixed rate may be a particulary good fit for you. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate to get lower monthly payments.

Cashing Out

Are you planning to cash out some of your home equity with your refinance? It could be you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you are planning some home improvements. So you'll need to get a loan above the balance remaining of your current mortgage.So you need You may not increase your mortgage payemnt, however, if you have had your existing mortgage for a while, and/or your loan interest rate is high.

Consolidating Your Debt

Maybe you'd like to cash out some of the home equity (cash out) to use toward other debt. If you have the equity in your home for it, paying off other high interest debt (like car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars a month.

Paying it off Faster

Are you planning to fatten your equity faster, and pay off your mortgage loan sooner? Consider refinancing to a short-term loan, often a 15-year mortgage. Your mortgage payments will likely be more than with the long-term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and will build up equity quicker. But, you may be able to switch without a higher monthly mortgage payment if your longer term mortgage was closed a while ago, and the balance remaining is low. You may even pay less! To help you understand your options and the numerous benefits of refinancing, please contact us at (909) 467-1090. We are here for you.

Want to know more about refinancing? Give us a call: (909) 467-1090.

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