Choosing a Refinancing Option
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The huge number of refinance options available is truly breathtaking. We can help you select the refinance program that can fit your situation the best. Contact us at 619-857-2273 to begin the process. What are your goals for refinancing? Considering in mind the information below will help you narrow your choices.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan might be a wise option for you. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. This is especially a wise option if you aren't planning a move within the next five years or so. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get lower monthly payments. As a result of refinancing, your total finance charges may be higher over the life of the loan.
Refinancing to Cash Out
Are you hoping to cash out some of your equity with your refinance? Perhaps you need to update your kitchen, take care of your college kid's tuition, or take a cruise. Then you'll need to find a loan above the balance remaining on your present mortgage.In this case, you will want However, if your mortgage rate is currently high and you've held it for a long time, you may be able to accomplish your goals without making your monthly payments rise.
Perhaps you hope to cash out a portion of the equity in your home (cash out) to put toward other debt. 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) might help save you a lot of cash every month.
Switching to a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while building up your home equity quicker? If this is your wish, the refinance mortgage can switch you to a mortgage loan program with a short, for example: a 15 year loan. You will be paying less interest and increasing your equity more quickly, although your monthly payments will usually be higher than they were. On the other hand, if your existing long-term mortgage has a small remaining balance, and was closed a while ago, you could be able to make the move without paying more each month. To help you determine your options and the many benefits of refinancing, please contact us at
619-857-2273. We will help you reach your goals!
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