Which Refinancing Option is Right for You?
There are an enormous number of refinancing options available to borrowers. We can guide you to choose the refinance loan program that can fit your needs the best. Contact us at (707) 252-2700 to get started. surveying your options, you'll need to determine what you want to achieve with your refinance.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan could be a good option for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a loan in which the interest rate varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your mortgage loan, even if interest rates rise. If you are planning to stay in your home for about five more years, a fixed-rate loan may be an especially good choice for you. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower payments.
Getting Out some Cash
Are you planning to cash out some of your equity in your refinance? It could be you need to pay for home improvements, pay your child's college tuition bill, or take a cruise. In this case, you will need to find a loan above the remaining balance of your existing mortgage.So you want However, if your interest rate is high now and you have held it for a long time, you may be able to reach your goals without a rise in your mortgage payment.
Do you want to pull out some home equity to consolidate other debt? Yes you can! If you have a fair amount of equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) could be able to save you a chunk of money every month.
Paying it off Sooner
Are you dreaming of paying your loan off faster, while building up your equity more quickly? If this is your hope, your refinance loan can change you to a loan program with a short, such as a 15 year loan. You will be paying less interest and increasing your home equity more quickly, even though your monthly payments will likely be more than they were. However, if you've had your current thirty year mortgage loan for a number of years and the loan balance is relatively low, you could be do this without raising your monthly payment — you might even be able to save! To help you determine your options and the numerous benefits in refinancing, please call us at (707) 252-2700. We would love to help you reach your goals!
Curious about refinancing your home? Give us a call: (707) 252-2700.