Which Refinancing Option is Best for You?

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When you are overwhelmed with all the choices, it may seem as if there are even more refinance programs than applicants! Call us at 310-686-1313 and we will work with you to qualify you for the perfect loan program for your situation. What do you hope to achieve with your refinance loan? Keeping in mind the information below will help you narrow your choices.

Reducing Your Monthly Payments

Is your refinance primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan may be a wise option for you. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage will remain at the same, low interest rate, unlike an ARM. If you aren't expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can especially be a good loan option. On the other hand, if you do see yourself selling your home in the near future, an ARM with a low initial rate could be the best way to lower your monthly payments. By refinancing your existing mortgage, you may wind up paying more in finance charges over the life of the loan.

Refinancing to Cash Outon Your Equity

Are you refinancing mainly to pull out some of your equity for an infusion of cash? It could be you need to update your kitchen, take care of your college kid's tuition, or take your family on a dream vacation. So you'll want to find a loan above the remaining balance on your present mortgage loan.So you will You'll need to apply for a loan for more than the remaining balance on your present mortgage in this case. However, if your interest rate is currently high and you've held it for a long time, you may be able to achieve your goals without a rise in your mortgage payment.

Consolidating Your Debt

Do you have other debt, perhaps with higher interest, that you'd like to consolidate? If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (like car loans, credit cards, student loans, or home equity loans) means you can save possibly hundreds of dollars a month.

Building up Equity Faster

Are you dreaming of paying your loan off more quickly, while beefing up your equity more quickly? If this is your wish, your refinance can switch you to a mortgage loan program with a short, like a 15 year loan. You will be paying less interest and growing your equity faster, although your monthly payments will generally be more than you were paying. Conversely, if your existing long-term mortgage loan has a small remaining balance, and was closed a while ago, you may be able to make the move without paying more each month. To help you figure out your options and the multiple benefits in refinancing, please call us at 310-686-1313. We can help you reach your goals!

Want to know more about refinancing? Give us a call: 310-686-1313.

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