Choosing a Refinancing Option

There aren't as many loan options as there are borrowers, but it seems like it sometimes! Call us at (562) 693-5048 and we will match you with the refinance program that is best for your needs. What do you hope to achieve with your refinance loan? 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, applying for a low, fixed-rate loan might be a wise choice for you. Maybe you are currently in a mortgage with a high, fixed interest rate, or a loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Even when rates come up later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you set the low interest rate for the term of your loan. If you are not planning on moving in the near future (about five years), a fixed rate mortgage loan can especially be a wise loan option. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get reduced monthly payments.

Cashing Out

Are you refinancing primarily to pull out some of your home equity for an infusion of cash? Perhaps you need to pay for home improvements, pay your child's college tuition bill, or take your family on a dream vacation. So you need to qualify for a loan higher than the remaining balance of your current mortgage.Then you'll You'll be looking for a loan for more than the remaining balance of your present mortgage in this case. You might not have an increase in 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

Perhaps you want to cash out a portion of the equity (cash out) to put toward other debt. If you have the equity in your home for it, taking care of other debt with higher interest than the rate on your mortgage (for example: home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars monthly.

Paying it off Sooner

Do you plan to build up home equity quicker, and have your mortgage paid off more quickly? You should consider refinancing with a shorterterm loan, like a 15-year mortgage loan. The payments will likely be more than with a long-term mortgage loan, but the pay-off is: you will pay substantially less interest and can build up equity more quickly. However, if you have had your existing 30-year mortgage for a number of years and the remaining balance is somewhat low, you could be do this without raising your monthly mortgage payment — it's even possible to save! To help you understand your options and the multiple benefits of refinancing, please contact us at (562) 693-5048. We are here for you.

Curious about refinancing? Call us at (562) 693-5048.

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