Choosing a Refinancing Loan

Although it seems like it at times, there are not as many loan options as there are applicants! We can help you locate the refinance loan program that will fit your situation the best. Contact us at 8139881776 to begin the process. In order to review your choices, you can list your goals for your refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan may be a good option for you. Maybe you are now in a mortgage loan with a high, fixed interest rate, or a mortgage loan with 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 life of your loan. If you are not planning a move in the near future (about 5 years), a fixed-rate mortgage can especially be a great option. However, an ARM with a low intitial payment may be a smarter way to reduce your payments if you see yourself moving in the near future.

Cashing Out

Are you wanting to cash out some of your equity in your refinance? Your home needs updating; your son has been accepted to college and needs tuition money; or you are planning a special vacation. Then you want to get a loan above the remaining balance of your existing mortgage loan.Then you'll want However, if your loan interest rate is currently high and you've held it for a long time, you may be able to achieve your goals without an increase in your mortgage payment.

Consolidating Your Debt

Do you want to cash out a portion of your equity to consolidate additional debt? Good plan! If you have the home equity to make it work, paying off other high interest debt (like car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars monthly.

Getting a Shorter Term Loan

Do you want to build up home equity more quickly, and have your mortgage paid off faster? In that case, you need to find out about refinancing to a short term mortgage - like a fifteen-year loan. Even though your mortgage payments will usually be increased, 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 remaining balance is somewhat low, you could be do this without raising your monthly payment — it's even possible to save! To help you determine your options and the multiple benefits in refinancing, please call us at 8139881776. We can help you reach your goals!

Want to know more about refinancing your home? Call us: 8139881776.

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