Which Refinancing Program is Right for You?
There are a huge number of refinancing programs available to borrowers. Call us at 425-508-9988 and we will match you with the refinance program that fits you best. surveying your options, you need to determine what you want to achieve with your refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan might be a wise option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your loan, even if interest rates rise. If you expect to stay in your home for at least five more years, a fixed-rate loan may be an especially good fit for you. However, an ARM with a low intitial payment may be a better way to lower your monthly payments if you plan on moving within the near future.
Refinancing to Cash Out
Are you refinancing mainly to pull out some of your equity for an infusion of cash? Your house needs improvements; your son has been accepted to University and needs tuition; or you have a special family vacation planned. So you will want to look for a loan for more than the balance remaining of your present mortgage loan.In this case, you'll want to qualify for a loan program for a bigger number than the remaining balance on your current mortgage loan. If you've had your current mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment higher.
Do you want to pull out some of your equity to consolidate other debt? Yes you can! If you have the equity in your home for it, taking care of other high interest debt (like home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars monthly.
Building up Equity More Quickly
Are you dreaming of paying off your loan more quickly, while building up your home equity faster? If this is your wish, the refinance can move you to a mortgage program with a short, like a 15 year loan. Your payments will probably be higher than they were with a longer term mortgage, but in exchange, that you will pay considerably less interest and will build up equity quicker. However, if you have had your existing 30 year mortgage loan for a long time and the loan balance is relatively low, you might be able to do this without raising your monthly mortgage payment — it's even possible to save! To help you understand your options and the many benefits of refinancing, please contact us at 425-508-9988. We are here to help you reach your goals!
Curious about refinancing your home? Call us at 425-508-9988.
Get a Refinance Quote
Looking to refinance your home? Fill out the following form to get a fast quote from us.