Choosing a Refinancing Option

Even though it seems like it sometimes, there are not as many loan options as there are borrowers! Call us at 9094671090 and we can help you qualify for the right refinance loan for your needs. There are several things to keep in mind while you consider the options.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even when rates rise later, unlike with your ARM, when you close a fixed-rate mortgage, you set that low rate for the life of your loan. If you are planning to live in your home for at least five more years, a loan with a fixed rate may be a particulary good option for you. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower payments.

Refinancing to Cash Out

Are you wanting to cash out some of your equity in your refinance? Perhaps you're planning a special vacation; you have to pay tuition for your college-bound child; or you are planning some home improvements. In this case, you will want to qualify for a loan for more than the remaining balance on your existing mortgage.With this goal, you will want to qualify for a loan for a higher amount than the balance remaining on your existing mortgage. If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your monthly payment.

Debt Consolidation

Perhaps you'd like to pull out some of the equity in your home (cash out) to use toward other debt. If you have built up some equity, taking care of other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) could help save you a lot of cash each month.

Paying it off Faster

Do you want to build up home equity quicker, and pay off your mortgage sooner? If this is your plan, the refinance loan can switch you to a loan program with a shorter term, such as a 15 year loan. You will be paying less interest and growing your home equity more quickly, although your payments will usually be more than you were paying. But, you could be able to switch without a higher monthly payment if your long term mortgage was closed a while back, and the balance remaining is low enough. You could even pay less! To help you figure out your options and the many benefits in refinancing, please contact us at 9094671090. We will help you reach your goals!

Want to know more about refinancing? Give us a call: 9094671090.

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Greystone Loans, Inc.

Opening Doors to the American Dream since 1992

14726 Ramona Ave
Chino, CA 91710-5332