Refinancing: Which Program is for You?
The huge number of refinance options available is truly breathtaking. Call us at 425-508-9988 and we can match you with the refinance loan program that is ideal for your needs. In order to review your options, you need to consider your goals for your refinance.
Reducing Your Monthly Payments
Are achieving lower monthly payments and a better rate your main refinance goals? If so, a good option could be a low fixed-rate loan. Maybe you are currently in a mortgage with a high, fixed interest rate, or a loan in which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your loan, even when interest rates rise. If you are not expecting to move in the near future (about five years), a fixed rate mortgage loan can particularly be a great option. On the other hand, if you can see yourself moving within the next few years, an adjustable rate mortgage with a small initial rate might be the ideal way to bring down your monthly payments.
Refinancing to Cash Out
Are you refinancing mainly to pull out some equity for an infusion of cash? Maybe you need to make home improvements, pay your child's college tuition bill, or go on a an Alaskan cruise. So you want to get a loan for more than the balance remaining of your existing mortgage.With this goal, you'll You'll be looking for a loan for a bigger amount than the current balance on your present mortgage in that case. If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.
Do you have other debt, perhaps with higher interest, that you want to consolidate? If you have any higher interest debts (such as credit cards or vehicle loans), you may be able to take care of that debt with a loan with a lower rate through your refinance, if you have enough home equity.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while building up your equity faster? If this is your wish, your refinance loan 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 home equity more quickly, even though your monthly payments will likely be bigger than they were. But, you may be able to make the change without a higher monthly payment if your long term mortgage loan was closed a while ago, and the balance remaining is somewhat low. You may even make it lower! To help you understand your options and the many benefits in refinancing, please contact us at 425-508-9988. We are here for you.
Want to know more about refinancing? Give us a call at 425-508-9988.
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