Selecting a Refinancing Program
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There are an enormous number of refinancing programs available to borrowers. Contact us at 714 969-3112 and we will match you with the refinance loan program that fits you best. In the interest of looking at your options, you can consider what you want to achieve with the refinance.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan might be a good option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. This can be especially a wise idea if you aren't expecting a move within the next five years or so. On the other hand, if you do see yourself selling your home before too long, an adjustable rate mortgage with a small initial rate may be the best way to reduce your monthly payment.
Getting Out some Cash
Is "cashing out" your primary reason for refinancing? It could be you need to pay for home improvements, take care of your college kid's tuition, or take a cruise. So you will want to find a loan higher than the remaining balance of your present mortgage.In this case, you want However, if your mortgage rate is high now and you've had it for quite a few years, you could be able to reach your goals without making your mortgage payments bigger.
Maybe you want to pull out a portion of the equity in your home (cash out) to put toward other debt. If you hold some debt with higher interest (like credit cards or car 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 equity.
Paying it off Faster
Are you dreaming of paying your loan off sooner, while building up your equity faster? In that case, you'll want to find out about refinancing to a short term mortgage - such as a fifteen-year loan. You will be paying less interest and growing your equity faster, even though your mortgage payments will likely be higher than you have been paying. But, you could be able to make the change without a higher monthly mortgage payment if your long term mortgage loan was closed a while back, and the balance remaining is low. You could even pay less! To help you understand your options and the many benefits in refinancing, please contact us at 714 969-3112. We would love to help you reach your goals!
Curious about refinancing your home? Call us at 714 969-3112.