Selecting a Refinancing Program

There are a huge number of refinancing options available to borrowers. We can help you choose the refinance program that will fit your needs the best. Contact us at (800)593-0143 to begin the process. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.

Making Your Payments Lower

Are achieving better mortgage payments and a better rate your main reasons for refinancing? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even as interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you expect to stay in your home for about five more years, a fixed rate mortgage may be a particulary good fit for you. But if you do expect 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 hoping to cash out some of your equity with your refinance? Your house needs improvements; your son has gone to University and needs tuition money; or you have a special family vacation planned. Then you want to find a loan for more than the balance remaining on your present mortgage.With this goal, you need If you've had your existing mortgage for a number of years and/or have a mortgage loan with high interest, you may be able to do this without making your monthly payment bigger.

Debt Consolidation

Do you have other debt, maybe with a high interest rate, that you want to consolidate? If you own some higher interest debts (like credit cards or vehicle loans), you might be able to pay that debt off with a lower rate loan with your refinance, if you have the right amount of home equity.

Switching to a Shorter Term Loan

Are you wanting to fatten up your home equity faster, and pay your mortgage off sooner? In that case, you need to look into refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. Your mortgage payments will likely be more than with the long-term loan, but the pay-off is: you will pay considerably less interest and will build up equity quicker. Conversely, if your existing longer term mortgage has a small remaining balance, and was closed a while ago, you may even be able to make the switch without paying more each month. To help you understand your options and the multiple benefits in refinancing, please call us at (800)593-0143. We are here to help you reach your goals!

Want to know more about refinancing your home? Give us a call: (800)593-0143.

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