Which Refinancing Program is Right for You?
Although it may seem like it at times, there aren't as many loan options as there are borrowers! We can guide you to select the loan program that can fit your situation the best. Call us at (909) 467-1090 to get things started. surveying your choices, you can consider what you want to achieve with your refinance.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, 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 when rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you lock in the low rate for the term of your loan. If you aren't expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can particularly be a great option. However, an ARM with a initial low payment may be a smarter way to lower your monthly payments if you expect to move within the near future.
Getting Out some Cash
Are you planning to cash out some of your equity in your refinance? It could be you're going on a much needed vacation; you need to pay tuition for your college-bound child; or you plan to renovate your home. In this case, you need to get a loan above the remaining balance of your present mortgage loan.With this goal, you will You will be looking for a loan for more than the remaining balance with your present home loan in this case. If you've had your existing mortgage for a long time and/or have a loan whose interest rate is high, you might\could be able to do this without increasing your monthly payment.
Consolidating Your Debt
Perhaps you'd like to cash out some equity (cash out) to use toward other debt. If you hold any debt with steep interest (like credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate through your refinance, if you have the home equity built up to make it work.
Building up Equity Faster
Are you dreaming of paying off your loan faster, while beefing up your home equity more quickly? If this is your plan, your refinance loan can move you to a mortgage program with a short, such as a 15 year loan. Although your mortgage payments will probably be increased, you will save on interest; so your equity will build up faster. On the other hand, if your current long-term mortgage loan has a small remaining balance, and was closed a number of years ago, you could be able to make the switch without paying more each month. To help you determine your options and the many benefits of refinancing, please contact us at (909) 467-1090. We are here for you.