Which Refinancing Loan Program is Right for You?
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The number of refinance options available to borrowers is truly breathtaking. I can guide you to locate the loan program that will fit your needs the best. Contact me at (619) 758-4035 to get things started. In the interest of looking at your options, you can think about what you want to achieve with your refinance.
Making Your Payments Lower
Are achieving lower mortgage payments and a lower rate your main reasons for refinancing? In that case, the best choice might be a low fixed-rate loan. Maybe you are now in a mortgage with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of the mortgage, even when interest rates rise. This kind of loan can be particularly a good option if you don't think you'll be moving within the next 5 years or so. However, if you can see yourself selling your home within the next few years, an adjustable rate mortgage with a low initial rate could be the ideal way to bring down your monthly payment.
Is "cashing out" your main purpose for refinancing? Your home needs new carpet; your daughter has been accepted to college and needs tuition; or you are taking your family on a cruise. Then you will need to look for a loan above the balance remaining on your present mortgage loan.In this case, you want However, if your mortgage rate is currently high and you have held it for a long time, you may be able to reach your goals without making your mortgage payments increase.
Consolidating Your Debt
Perhaps you'd like to pull out a portion of the 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 credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars monthly.
Paying it off Sooner
Do you plan to build up equity quicker, and have your mortgage paid off faster? If this is your wish, the refinance can change you to a loan program with a short, for example: a 15 year loan. The monthly payments will likely be more than with the longer term mortgage, but the pay-off is: you will pay quite a bit less interest and will build up equity more quickly. Conversely, if your current longer term mortgage loan has a small balance remaining, and was closed a while ago, you could be able to make the switch without paying more each month. To help you determine your options and the multiple benefits of refinancing, please call me at (619) 758-4035. I can help you reach your goals!
Curious about refinancing? Call me: (619) 758-4035.