Refinancing: Which Option is for You?

There are not as many loan options as there are applicants, but at times it feels like it! Call us at 8888107112 and we will work with you to qualify you for the best refinance program to fit your financial needs. There are several questions to ask yourself while you look at the choices.

Lowering Your Payments

Are getting lower payments and an improved rate your main reasons for refinancing? Then a low, fixed rate loan may be the best option for you. Perhaps you now have a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — where the interest rate can vary. Even if rates get higher later, unlike with your ARM, when you get a fixed rate mortgage, you set the low rate for the term of your mortgage. If you are expecting to live in your home for at least five more years, a fixed rate mortgage may be a particulary good choice for you. On the other hand, if you do see yourself selling your home within several years, an ARM mortgage with a low initial rate may be the ideal way to bring down your monthly payments.

Cashing Out

Are you wanting to cash out some of your home equity with your refinance? Perhaps you're planning a special vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. With this in mind, you'll want to find a loan higher than the balance remaining of your current mortgage loan.In that case, you will want You may not have an increase in your mortgage payemnt, though, if you have had your current mortgage for a number of years, and/or your loan interest rate is high.

Debt Consolidation

Maybe you hope to pull out some equity (cash out) to use toward other debt. If you have built up some home equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may be able to save you a chunk of cash each month.

Switching to a Shorter Term Loan

Are you hoping to fatten your home equity faster, and get your mortgage paid off sooner? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage. The payments will likely be higher than they were with a longer term mortgage loan, but the pay-off is: that you will pay considerably less interest and can build up equity quicker. However, if you've had your current 30 year mortgage for a long time and the loan balance is somewhat low, you might be do this without raising your monthly payment — you might even be able to save! To help you figure out your options and the numerous benefits of refinancing, please call us at 8888107112. We are here for you.

Curious about refinancing your home? Give us a call at 8888107112.

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The Mortgage Partner

30100 Crown Valley Parkway, Suite 11
Laguna Niguel, CA 92677