Which Refinancing Loan Program is Best for You?
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There are a huge number of refinancing options available to borrowers. Call us at (707) 252-2700 and we will help you qualify for the perfect refinance program to fit your financial needs. In the interest of looking at your choices, you'll need to consider your goals for the refinance.
Making Your Payments Lower
Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the ideal choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of the loan, even as interest rates rise. If you plan to live in your home for about five more years, a loan with a fixed rate may be an especially good option for you. However, an ARM with a initial low payment may be a wiser way to lower your mortgage payments if you plan on moving within the near future. By refinancing your current mortgage loan, your total finance charges may be more over the life of the loan.
Refinancing to Cash Out
Is "cashing out" your primary reason for refinancing? Your house needs new carpet; your daughter has been accepted to University and needs tuition; or you have a special family vacation planned. With this in mind, you need to find a loan above the remaining balance of your existing mortgage loan. So you You will need to find a loan for a bigger amount than the remaining balance with your existing mortgage in that case. You might not have an increase in your mortgage payment, however, if you've had your current loan for a long time, and/or your interest rate is high.
Consolidating Debt
Do you have other debt, maybe with a high interest rate, that you need to consolidate? If you have the home equity for it, taking care of other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you can save possibly hundreds of dollars per month.
Getting a Shorter Term Loan
Are you wanting to fatten your equity faster, and pay off your mortgage loan sooner? In that case, you'll want to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. You will be paying less interest and growing your equity faster, even though your monthly payments will likely be higher than you were paying. However, if you have held your current thirty year loan for a long time and the loan balance is relatively low, you could be able to do this without raising your monthly payment — it's even possible to save! To help you understand your options and the multiple benefits in refinancing, please contact us at (707) 252-2700. We will help you reach your goals!
Curious about refinancing? Give us a call at (707) 252-2700 or email us
dale@clgroup.net.