Which Refinancing Program is Right for You?

There are not as many refinance loan programs as there are applicants, but it feels like it sometimes! Contact us at (707) 252-2700 and we will match you with the refinance loan program that best fits you. There are some general questions to ask yourself as you look at your options.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be the right loan program for you. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the rate of interest varies. Even when interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. 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. However, an ARM with a initial low payment could be a better way to reduce your mortgage payments if you expect to move in the next few years.

Getting Out some Cash

Are you hoping to cash out some of your equity in your refinance? Your home needs updating; your son has been accepted to University and needs tuition; or you are planning a special vacation. So you'll want to apply for a loan above the remaining balance on your existing mortgage.So you want to need to qualify for a loan for a higher number than the remaining balance on your present mortgage loan. If you've had your current mortgage loan for quite a while and/or have a loan whose interest rate is high, you might\could be able to do this without increasing your monthly payment.

Consolidating Debt

Perhaps you'd like to cash out a portion of the equity (cash out) to use toward other debt. If you have the equity in your home for it, taking care of other debt with higher interest than the rate on your mortgage (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars per month.

Building up Equity More Quickly

Do you hope to build up equity more quickly, and have your mortgage paid off faster? Consider refinancing with a shorterterm loan, such as a 15-year mortgage. You will be paying less interest and increasing your home equity faster, even though your monthly payments will generally be bigger than they were. But, you may be able to make the change without a higher monthly mortgage payment if your longer term loan was closed a while back, and the balance remaining is somewhat low. You may even pay less! To help you determine your options and the numerous benefits in refinancing, please contact us at (707) 252-2700. We are here for you.

Curious about refinancing? Call us at (707) 252-2700.

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