Which Refinancing Program is Right for You?
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Although it seems like it at times, there aren't as many loan programs as there are borrowers! Call us at 909-358-4090 and we will help you qualify for the perfect refinance loan for your situation. What are your goals for refinancing? Considering in mind the following will help you narrow your choices.
Reducing Your Monthly Payments
Are getting lower mortgage payments and an improved rate your main reasons for refinancing? Then the best option could be a low fixed-rate loan. Perhaps you are now in a mortgage with a high, fixed interest rate, or a loan with 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, even when interest rates rise. This kind of loan is particularly a wise choice if you don't think you will move within the next 5 years or so. However, an ARM with a low initial payment may be a wiser way to lower your mortgage payments if you expect to move in the next few years. By refinancing your current mortgage loan, your total finance charges may be more over the life of the loan.
Getting Out Some Cash
Is "cashing out" your main reason for your refinance? Maybe you're planning a special vacation; you have to pay college tuition for your child; or you are planning some home improvements. In this case, you'll need to find a loan higher than the remaining balance on your present mortgage loan.Then you will need You might not increase your mortgage payment, however, if you have had your current mortgage for a number of years, and/or your interest rate is high.
Consolidating Your Debt
Do you have other debt, perhaps with high interest, that you need to consolidate? If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (like car loans, credit cards, student loans, or home equity loans) means you can save possibly several hundred dollars in your budget each month.
Building up Equity Faster
Do you need to build up equity more quickly, and have your mortgage paid off sooner? If this is your hope, your refinance can move you to a loan program with a short, such as a 15 year loan. You will be paying less interest and growing your home equity faster, although your monthly payments will usually be bigger than you were paying. But, you may be able to make the change without a bigger monthly payment if your long term mortgage loan was closed a while ago, and the remaining balance is somewhat low. You could even pay less! To help you understand your options and the many benefits in refinancing, please contact us at
909-358-4090. We are here to help you reach your goals!
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