Refinancing: Which Loan Program is for You?

When you are overwhelmed with so many choices, it may seem as if there are even more loan programs than applicants! Contact us at 5626935048 and we'll help you qualify for the perfect loan program to fit your financial needs. In the interest of looking at your options, you need to consider what you want to achieve with your refinance.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even if interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. If you aren't expecting to move in the near future (about five years), a fixed-rate mortgage can particularly be a good loan option. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower monthly payments.

Cashing Out

Are you wanting to cash out some of your home equity in your refinance? It could be you're planning a special vacation; you need to pay college tuition for your child; or you are updating your kitchen. With this in mind, you want to qualify for a loan above the remaining balance on your present mortgage loan.In that case, you'll You'll want to apply for a loan for a higher amount than the remaining balance with your existing mortgage in that case. However, if your loan interest rate is high now and you have held it for quite a few years, you could be able to reach your goals without making your mortgage payments rise.

Consolidating Your Debt

Perhaps you hope to cash out a portion of the equity in your home (cash out) to use toward other debt. If you have the equity in your home to make it work, 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 can possible save several hundred dollars monthly.

Paying it off Faster

Do you need to build up equity more quickly, and have your mortgage paid off faster? In that case, you need to look into refinancing to a short term mortgage - like a fifteen-year mortgage program. You will be paying less interest and growing your equity faster, although your mortgage payments will generally be more than they were. However, if you've held your current thirty year mortgage for a long time and the loan balance is rather low, you might be do this without raising your mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits of refinancing, please call us at 5626935048. We are here for you.

Curious about refinancing? Give us a call: 5626935048.

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Nationwide Home Loans

NMLS #238531| CA BRE #01017101

16211 Whittier Blvd.
Whittier, CA 90603