Which Refinancing Program is Best for You?

When you are overwhelmed with all the options, it may seem as if there are even more refinance programs than applicants! Call us at (562) 693-5048 and we will help you qualify for the perfect refinance loan program for your financial needs. There are several things to keep in mind as you look at the choices.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan might be a wise option for you. Perhaps you now hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the rate of interest varies. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the mortgage loan, even as interest rates rise. If you are expecting to live in your home for at least five more years, a fixed-rate loan may be a particulary good option for you. On the other hand, if you can see yourself selling your home within the next few years, an adjustable rate mortgage with a low initial rate may be the ideal way to bring down your monthly payment.

Cashing Out

Are you refinancing mainly to pull out some equity for an infusion of cash? Maybe you're going on a much needed vacation; you need to pay college tuition for your child; or you plan to renovate your home. With this in mind, you will need to get a loan for more than the remaining balance on your present mortgage.With this goal, you'll You will be looking for a loan for more than the current balance on your current mortgage in that case. You may not increase your monthly payemnt, however, if you've had your current loan for a while, and/or your loan interest rate is high.

Consolidating Your Debt

Do you want to pull out some of your home equity to consolidate additional debt? Excellent idea! If you own any debt with high interest (such as credit cards or vehicle loans), you may be able to take care of that debt with a loan with a lower rate through your refinance, if you have the right amount of home equity.

Getting a Shorter Term Loan

Do you hope to build up home equity quicker, and pay off your mortgage faster? If this is your hope, the refinance can move you to a mortgage program with a short, such as a 15 year loan. You will be paying less interest and increasing your equity faster, even though your mortgage payments will likely be higher than they were. But, you might be able to make the change without much increase in your monthly mortgage payment if your longer term mortgage was closed a while ago, and the remaining balance is low. You may even pay less! To help you figure out your options and the multiple benefits in refinancing, please contact us at (562) 693-5048. We will help you reach your goals!

Want to know more about refinancing your home? Give us a call: (562) 693-5048.

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