Selecting a Refinancing Loan

There are a huge number of refinancing options available to borrowers. Call us at (949) 486-3777 and we will match you with the refinance loan program that is best for your needs. What are your goals for refinancing? Keeping in mind the following will help you begin your decision process.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan may be a good choice for you. Perhaps you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — in which the rate of interest can vary. Even if interest rates rise, a fixed rate mortgage will remain at the same, low interest rate, unlike an ARM. If you are expecting to stay in your home for at least five more years, a fixed-rate loan may be an especially good choice for you. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Getting Out some Cash

Is "cashing out" your main purpose for refinancing? Your house needs improvements; your daughter has gone to college and needs tuition money; or you are planning a special vacation. Then you need to get a loan higher than the remaining balance on your current mortgage loan.Then you will want If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment bigger.

Debt Consolidation

Maybe you'd like to cash out a portion of the equity (cash out) to put toward other debt. If you have the home equity for it, paying off other high interest debt (such as credit cards, home equity loans, or car loans) means you may be able to save hundreds of dollars each month.

Paying it off Faster

Are you dreaming of paying off your loan sooner, while building up your home equity faster? Then, you'll need to find out about refinancing to a short term mortgage - like a fifteen-year loan. You will be paying less interest and increasing your home equity more quickly, although your monthly payments will usually be bigger than they were. However, if you have held your current 30-year mortgage loan for a long time and the loan balance is rather low, you might be able to do this without increasing your monthly mortgage payment — you may even be able to save! To help you figure out your options and the many benefits of refinancing, please call us at (949) 486-3777. We are here for you.

Want to know more about refinancing your home? Give us a call: (949) 486-3777.