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Refinancing: Which Loan Program is for You?

Although it seems like it at times, there are not as many loan options as there are borrowers! We can guide you to locate the loan program that will fit your needs the best. Call us at (909) 467-1090 to get started. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan might be a wise choice for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even when rates get higher later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set that low interest rate for the term of your loan. If you are not planning a move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good loan option. But if you do plan to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve reduced monthly payments.

Cashing Out

Are you refinancing primarily to pull out some home equity for an infusion of cash? Your home needs improvements; your daughter has been accepted to college and needs tuition money; or you are planning a special vacation. With this in mind, you will want to apply for a loan for more than the remaining balance on your current mortgage loan.Then you You'll need to apply for a loan for a higher amount than the remaining balance with your present home loan in that case. You may not have an increase in your monthly payemnt, though, if you have had your current mortgage for a long time, and/or your loan interest rate is high.

Debt Consolidation

Perhaps you'd like to cash out some of the home equity (cash out) to use toward other debt. If you have the home equity for it, taking care of other high interest debt (like car loans, credit cards, student loans, or home equity loans) means you may be able to save hundreds of dollars monthly.

Paying it off Faster

Are you dreaming of paying your loan off sooner, while beefing up your equity more quickly? You should consider refinancing with a short-term loan, such as a 15-year mortgage. You will be paying less interest and increasing your home equity more quickly, although your payments will usually be more than they were. However, if you have had your existing thirty-year loan for a number of years and the remaining balance is rather low, you might be do this without raising your monthly payment — you may even be able to save! To help you determine your options and the multiple benefits in refinancing, please contact us at (909) 467-1090. We are here for you.

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

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