Refinancing: Which Option is for You?

When you are overwhelmed with so many options, it may seem like there are even more refinance loan programs than borrowers! Call us at 9094671090 and we will match you with the refinance program that fits you best. surveying your choices, you will need to determine what you want to achieve with the refinance.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan might be a wise option for you. Perhaps you are presently in a loan with a high, fixed interest rate, or a mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the mortgage, even when interest rates rise. This kind of loan can be especially a good idea if you don't think you'll be selling your home within the next 5 years or so. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.

Getting Out some Cash

Is "cashing out" your main purpose for refinancing? Perhaps you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. Then you'll want to find a loan for more than the balance remaining of your existing mortgage.So you'll want You might not have an increase in your monthly payemnt, however, if you've had your existing loan for a while, and/or your loan interest rate is high.

Consolidating Your Debt

Perhaps you want to cash out some equity (cash out) to use toward other debt. If you own any debt with steep interest (such as credit cards or car loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have the equity built up to make it work.

Switching to a Shorter Term Loan

Do you hope to build up equity more quickly, and have your mortgage paid off sooner? In that case, you need to look into refinancing to a short term mortgage - for example, a fifteen-year mortgage program. Even though your monthly payments will usually be more, you can be paying less interest; so your home equity will build up faster. But, you could be able to switch without much increase in your monthly payment if your long term loan was closed a while ago, and the balance remaining is low enough. You could even make it lower! To help you understand your options and the many benefits of refinancing, please call us at 9094671090. We would love to help you reach your goals!

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

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Greystone Loans, Inc.

Opening Doors to the American Dream since 1992

14726 Ramona Ave
Chino, CA 91710-5332