Selecting a Refinancing Option

Although it may seem like it sometimes, there are not as many refinance options as there are applicants! Call us at 425-508-9988 and we'll help you qualify for the perfect refinance program to fit your financial situation. In order to review your options, you can determine your goals for your refinance.

Lowering Your Payments

Are achieving better payments and an improved rate your main reasons for refinancing? In that case, the best option may be a low fixed-rate loan. Maybe you currently have a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the rate of interest can vary. Even if rates rise later, unlike with your ARM, when you get a fixed-rate mortgage, you set that low interest rate for the term of your mortgage. If you plan to live in your home for at least five more years, a fixed rate mortgage may be an especially good choice for you. However, if you do see yourself moving within the next few years, an ARM with a small initial rate may be the ideal way to reduce your monthly payments.

Cashing Out

Is "cashing out" your primary reason for your refinance? Your home needs new carpet; your son has been accepted to University and needs tuition; or you have a special family vacation planned. So you will want to qualify for a loan for more than the balance remaining of your present mortgage loan.With this goal, you want If you've had your existing 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.

Consolidating Debt

Do you want to pull out a portion of your home equity to consolidate additional debt? Excellent idea! If you have a fair amount of equity, taking care of other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) might help save you a chunk of money each month.

Building up Equity Faster

Do you want to build up home equity quicker, and pay off your mortgage more quickly? Consider refinancing to a shorterterm loan, like a 15-year mortgage. Although your mortgage payment amount will usually be increased, you will be paying less interest; so your equity will build up faster. Conversely, if your current longer term mortgage has a small remaining balance, and was closed a number of years ago, you may be able to make the change without paying more each month. To help you determine your options and the multiple benefits of refinancing, please call us at 425-508-9988. We are here for you.

Curious about refinancing? Call us at 425-508-9988.

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