Choosing a Refinancing Program
The number of refinance options available can be overwhelming. Contact us at (707) 252-2700 and we can match you with the refinance loan program that best fits you. In the interest of looking at your choices, you can determine your goals for your refinance.
Making Your Payments Lower
Are achieving reduced monthly payments and an improved rate your main reasons for refinancing? In that case, the best option may be a low fixed-rate loan. Perhaps you are currently in a mortgage with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Even if rates rise later, unlike with your ARM, when you close a fixed-rate mortgage, you set that low interest 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 a particulary good option for you. On the other hand, if you do see yourself moving before too long, an ARM mortgage with a low initial rate may be the ideal way to reduce your monthly payments.
Refinancing to Cash Out
Are you refinancing primarily to pull out some of your home equity for an infusion of cash? Your house needs new carpet; your son has gone to University and needs tuition; or you have a special family vacation planned. With this in mind, you need to find a loan for more than the remaining balance on your current mortgage loan.So you want However, if your mortgage rate is currently high and you've had it for a long time, you could be able to reach your goals without making your mortgage payments higher.
Consolidating Your Debt
Do you want to pull out some of your equity to consolidate other debt? Great idea! If you have enough home equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may be able to save you a chunk of cash each month.
Getting a Shorter Term Loan
Are you dreaming of paying off your loan more quickly, while building up your equity quicker? Consider refinancing with a shorterterm loan, often a 15-year mortgage loan. Although your monthly payment amount will probably be more, you will be paying less interest; so your equity amount will build up faster. However, if you've held your existing thirty-year loan for a number of years and the loan balance is relatively low, you may be able to do this without increasing your monthly payment — it's even possible to save! To help you understand your options and the multiple benefits of refinancing, please contact us at (707) 252-2700. We are here for you.
Curious about refinancing? Call us at (707) 252-2700.