Which Refinancing Loan Program is Right for You?

There are an enormous number of refinancing options available to borrowers. Contact us at (707) 252-2700 and we will match you with the refinance program that fits you best. What are your goals for your refinance loan? Keeping in mind the following will help you narrow your choices.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be your best option. Maybe you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even when rates come up later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set that low interest rate for the term of your loan. A fixed-rate mortgage is especially a good option if you don't plan to sell your home within the next five years or so. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced mortgage payments.

Getting Out some Cash

Are you planning to cash out some of your home equity with your refinance? It could be you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you are planning some home improvements. With this in mind, you want to find a loan above the remaining balance of your existing mortgage.With this goal, you want You might not have an increase in your mortgage payemnt, though, if you've had your existing loan for a while, and/or your interest rate is high.

Debt Consolidation

Perhaps you want to cash out a portion of the equity (cash out) to use toward other debt. If you have a fair amount of equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might help save you a chunk of money each month.

Building up Equity Faster

Do you plan to build up equity quicker, and pay off your mortgage sooner? Then, you need to find out about refinancing to a short term mortgage - such as a fifteen-year loan. Even though your monthly payment amount will likely be more, you will be paying less interest; so your equity will rise up faster. However, if you've held your current thirty year mortgage for a long time and the loan balance is relatively low, you may be do this without raising your monthly payment — you might even be able to save! To help you figure out your options and the multiple benefits in refinancing, please call us at (707) 252-2700. We can help you reach your goals!

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

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