Which Refinancing Option is Right for You?
There are an enormous number of refinancing programs available to borrowers. We can help you choose the loan program that will fit your needs the best. Contact us at (562) 693-5048 to get started. There are several questions to ask yourself while you review the options.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, the best option may be a low fixed-rate loan. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies : an adjustable rate mortgage (ARM). Even if rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in the low interest rate for the term of your mortgage. This is especially a good choice if you don't expect to move within the next five years or so. On the other hand, if you can see yourself moving before too long, an ARM with a low initial rate could be the ideal way to bring down your monthly payments.
Are you planning to cash out some of your home equity with your refinance? Your house needs renovating; your son has gone to University and needs tuition; or you are planning a special vacation. In this case, you need to find a loan for more than the remaining balance of your present mortgage.In this case, you will You will be looking for a loan for a bigger amount than the balance remaining of your current mortgage in this case. If you've had your existing mortgage loan for a number of years and/or have a mortgage loan whose interest rate is high, you may be able to do this without increasing your monthly payment.
Do you have other debt, maybe with high interest, that you need to consolidate? If you have a fair amount of equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) might help save you a chunk of cash every month.
Paying it off Sooner
Are you hoping to fatten up your equity faster, and pay your mortgage loan off more quickly? If this is your hope, your refinance loan can move you to a mortgage program with a short, like a 15 year loan. You will be paying less interest and growing your home equity faster, even though your mortgage payments will likely be higher than you were paying. However, if you've had your current 30-year mortgage for a long time and the loan balance is rather low, you could be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you figure out your options and the numerous benefits of refinancing, please call us at (562) 693-5048. We can help you reach your goals!
Curious about refinancing your home? Call us: (562) 693-5048.