Which Refinancing Program is Best for You?

There are a huge number of refinancing options available to borrowers. We can help you locate the loan program that will fit your needs the best. Call us at 425-508-9988 to get things started. There are several questions to ask yourself while you look at the options.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a good option might be a low fixed-rate loan. Perhaps you currently have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even if rates rise later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set that low rate for the term of your loan. If you are not planning on moving in the near future (about 5 years), a fixed rate mortgage loan can especially be a good choice. However, an ARM with a low intitial payment may be a better way to lower your monthly payments if you expect to move in the next few years.

Cashing Out

Is "cashing out" your primary purpose for refinancing? It could be you need to update your kitchen, pay your child's college tuition bill, or take your family on a dream vacation. Then you will want to find a loan for more than the remaining balance on your current mortgage loan.With this goal, you'll need You might not increase your monthly payemnt, however, if you've had your current mortgage for a number of years, and/or your loan interest rate is high.

Consolidating Your Debt

Do you want to cash out a portion of your equity to consolidate other debt? Great plan! If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you can possible save several hundred dollars monthly.

Building up Equity More Quickly

Are you dreaming of paying your loan off faster, while beefing up your home equity faster? Then, you need to find out about refinancing to a short term mortgage - for example, a fifteen-year loan. You will be paying less interest and increasing your home equity more quickly, even though your monthly payments will usually be bigger than you were paying. However, if you have had your existing 30 year loan for a long time and the remaining balance is somewhat low, you may be do this without raising your monthly payment — you could even be able to save! To help you understand your options and the multiple benefits of refinancing, please contact us at 425-508-9988. We are here to help you reach your goals!

Want to know more about refinancing? Give us a call: 425-508-9988.

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