Which Refinancing Loan Program is Best for You?

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There are a huge number of refinancing options available to borrowers. Call us at (719) 313-9398 and we can help you qualify for the right refinance program for your financial situation. There are some general things to have in mind while you look at your options.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan may be a good option for you. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even if rates come up later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set that low interest rate for the term of your mortgage. This kind of loan can be especially a wise choice if you don't think you'll be selling your home within the next five years or so. However, if you do see yourself moving before too long, an ARM mortgage with a small initial rate may be the ideal way to bring down your monthly payments.

Getting Out some Cash

Is "cashing out" your primary reason for your refinance? Your house needs renovating; your son has been accepted to University and needs tuition; or you have a special family vacation planned. So you will need to get a loan higher than the remaining balance on your current mortgage loan.In that case, you You will want to find a loan for a higher amount than the remaining balance on your existing mortgage loan in this case. If you've had your existing mortgage for a long time and/or have a mortgage with high interest, you might\could be able to do this without making your mortgage payment higher.

Consolidating Debt

Do you want to cash out a portion of your equity to consolidate additional debt? Yes you can! If you have a fair amount of equity, paying off other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) could be able to save you a chunk of money each month.

Building up Equity More Quickly

Are you dreaming of paying off your loan sooner, while building up your home equity more quickly? In that case, you'll want to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage program. The mortgage payments will probably be higher than with a long-term mortgage, but in exchange, you will pay considerably less interest and can build up equity more quickly. On the other hand, if your existing long-term mortgage loan has a low balance remaining, and was closed a while ago, you may even be able to make the move without paying more each month. To help you determine your options and the many benefits in refinancing, please contact us at (719) 313-9398. We will help you reach your goals!

Curious about refinancing your home? Call us: (719) 313-9398.