Which Refinancing Loan Program is Right for You?

The huge number of refinance options available to borrowers can be overwhelming. We can help you find the refinance loan program that can fit your financial situation the best. Call us at (707) 252-2700 to get started. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you begin your decision process.

Lowering Your Payments

Are achieving lower monthly payments and a lower rate your main reasons for refinancing? If so, a good choice might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even if interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be especially a good idea if you don't think you'll be selling your home within the next 5 years or so. However, if you can see yourself moving before too long, an adjustable rate mortgage with a small initial rate could be the ideal way to lower your monthly payment.

Refinancing to Cash Out

Is your refinance goal mainly to pull out some of your equity for an infusion of cash? Perhaps you want to pay for home improvements, take care of your college kid's tuition, or take your dream vacation. So you'll need to find a loan higher than the remaining balance on your current mortgage loan.With this goal, you'll need If you've had your current mortgage for a long time and/or have a loan with high interest, you may be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Perhaps you hope to cash out a portion of the equity (cash out) to put toward other debt. If you have built up some home equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) may be able to save you a chunk of money every month.

Getting a Shorter Term Loan

Are you dreaming of paying your loan off faster, while beefing up your home equity more quickly? If this is your hope, your refinance loan can switch you to a mortgage loan program with a short, like a 15 year loan. The mortgage payments will likely be more than with your longer term loan, but the pay-off is: that you will pay substantially less interest and can build up equity quicker. But, you might be able to switch without a higher monthly mortgage payment if your longer term loan was closed a while back, and the balance remaining is somewhat low. You could even make it lower! To help you understand your options and the multiple benefits in refinancing, please call us at (707) 252-2700. We can help you reach your goals!

Want to know more about refinancing? Give us a call at (707) 252-2700.

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