Which Refinancing Loan Program is Right for You?

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There are an enormous number of refinancing options available to borrowers. We can help you locate the refinance loan program that can fit your needs the best. Contact us at 415-381-7006 to begin the process. In the interest of looking at your choices, you'll need to determine what you want to achieve with your refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, a good choice could be a low fixed-rate loan. Maybe you now hold a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — with which the rate of interest can vary. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of your mortgage loan, even if interest rates rise. This is particularly a good choice if you aren't expecting a move within the next five years or so. However, if you can see yourself moving in the near future, an ARM mortgage with a small initial rate might be the ideal way to lower your monthly payment.

Cashing Out

Are you refinancing primarily to pull out some of your home equity for an infusion of cash? Your home needs renovating; your daughter has gone to college and needs tuition; or you are planning a special vacation. With this in mind, you'll need to look for a loan higher than the balance remaining of your existing mortgage.In this case, you will need If you've had your current mortgage loan for quite a while and/or have a mortgage with high interest, you might\could be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Maybe you hope to cash out a portion of the home equity (cash out) to put toward other debt. If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars a month.

Building up Equity Faster

Are you dreaming of paying your loan off more quickly, while building up your home equity quicker? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage. Your mortgage payments will likely be higher than they were with a longer term mortgage loan, but in exchange, you will pay substantially less interest and can build up equity quicker. However, if you've had your current thirty-year mortgage for a number of years and the remaining balance is relatively low, you might be able to do this without raising your monthly mortgage payment — you could even be able to save! To help you figure out your options and the many benefits of refinancing, please contact us at 415-381-7006. We would love to help you reach your goals!

Want to know more about refinancing? Call us: 415-381-7006.