Choosing a Refinancing Option

There are an enormous number of refinancing options available to borrowers. We can help you select the refinance loan program that can fit your situation the best. Contact us at (800)593-0143 to begin the process. What do you hope to achieve with refinancing? Keeping in mind the following will help you begin your decision process.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be your best option. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — with which the interest rate varies. Even if rates get higher later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set the low rate for the life of your mortgage. A fixed-rate mortgage is particularly a wise option if you don't think you'll be moving within the next five years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.

Cashing Out

Is your refinance goal mainly to "cash out" some home equity? Perhaps you're planning a special vacation; you have to pay college tuition for your child; or you plan to renovate your home. In this case, you'll need to qualify for a loan for more than the remaining balance of your existing mortgage loan.Then you'll want If you've had your existing mortgage loan for a long time and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment higher.

Consolidating Your Debt

Do you want to cash out some of your home equity to consolidate additional debt? Yes you can! If you have a fair amount of equity, taking care of other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) could be able to save you a lot of money every month.

Building up Equity More Quickly

Are you wanting to fatten up your equity faster, and get your mortgage paid off more quickly? You should consider refinancing with a short-term loan, like a 15-year mortgage loan. You will be paying less interest and increasing your home equity faster, even though your mortgage payments will likely be higher than you have been paying. But, you might be able to switch without much increase in your monthly mortgage payment if your longer term mortgage was closed a while back, and the balance remaining is low enough. You could even pay less! To help you understand your options and the multiple benefits in refinancing, please call us at (800)593-0143. We are here for you.

Curious about refinancing? Give us a call: (800)593-0143.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question

English Spanish