Selecting a Refinancing Loan

Although it seems like it at times, there are not as many refinance loan choices as there are applicants! Call us at 5626935048 and we will match you with the refinance program that is ideal for your needs. There are several questions to ask yourself while you review your options.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan could be a good choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even as interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. If you plan to live in your home for at least five more years, a fixed rate mortgage may be an especially good option for you. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate to get lower monthly payments.

Getting Out some Cash

Are you wanting to cash out some of your home equity with your refinance? Perhaps you're dreaming of a cruise; you have to pay college tuition for your child; or you plan to renovate your home. With this in mind, you will want to find a loan for more than the remaining balance of your existing mortgage loan.So you will want You may not increase your mortgage payemnt, however, if you have had your existing mortgage for a while, and/or your interest rate is high.

Consolidating Your Debt

Do you hold other debt, perhaps with a high interest rate, that you want to consolidate? If you have some higher interest debts (like credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have the right amount of equity.

Switching to a Shorter Term Loan

Do you plan to build up home equity more quickly, and have your mortgage paid off faster? Then, you want to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. Although your monthly payments will usually be more, you can be paying less interest; so your home equity will rise up faster. However, if you've held your existing thirty-year loan for a number of years and the loan balance is relatively low, you could be able to do this without increasing your mortgage payment — it's even possible to save! To help you understand your options and the multiple benefits of refinancing, please call us at 5626935048. We are here for you.

Want to know more about refinancing? Call us at 5626935048.

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Nationwide Home Loans

NMLS #238531| CA BRE #01017101

16211 Whittier Blvd.
Whittier, CA 90603