Refinancing: Which Option is for You?
There are an enormous number of refinancing programs available to borrowers. Contact us at 425-508-9988 and we can help you qualify for the best refinance program for your financial situation. surveying your choices, you can list what you want to achieve with the refinance.
Lowering Your Payments
Are achieving reduced monthly payments and an improved rate your main refinance goals? Then the best choice could be a low fixed-rate loan. Perhaps you are now in a mortgage with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even when rates rise later, unlike with your ARM, when you qualify for a fixed rate mortgage, you lock in that low rate for the term of your loan. If you plan to live in your home for about five more years, a fixed-rate loan may be an especially good choice for you. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get reduced mortgage payments.
Getting Out some Cash
Are you refinancing primarily to pull out some of your home equity for an infusion of cash? It could be you're dreaming of a cruise; you need to pay college tuition for your child; or you are planning some home improvements. With this in mind, you will want to get a loan for more than the balance remaining of your existing mortgage loan.In this case, you'll want to need to find a loan program for a higher number than the balance remaining on your existing mortgage loan. If you've had your current mortgage for a number of years and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.
Do you hold other debt, perhaps with higher interest, that you want to consolidate? If you have the equity in your home to make it work, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you can save possibly hundreds of dollars monthly.
Building up Equity More Quickly
Do you want to build up equity more quickly, and pay off your mortgage faster? Then, you want to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. The payments will likely be more than they were with the long-term mortgage loan, but the pay-off is: you will pay quite a bit less interest and can build up equity more quickly. However, if you have held your current thirty year mortgage for a number of years and the loan balance is rather low, you may be able to do this without increasing your monthly mortgage payment — you might even be able to save! To help you understand your options and the many benefits of refinancing, please call us at 425-508-9988. We are here for you.
Want to know more about refinancing? Call us: 425-508-9988.
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