Refinancing: Which Loan Program is for You?

There aren't as many refinance loan programs as there are applicants, but sometimes it seems like it! Contact us at (602) 332-9544 and we can match you with the refinance loan program that fits you best. There are several questions to ask yourself as you consider the options.

Reducing Your Monthly Payments

Are achieving lower payments and a better rate your main refinance goals? Then your best choice might be a low fixed-rate loan. Maybe you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — with which the interest rate can vary. Even when interest rates rise, a fixed-rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you are planning to stay in your home for at least five more years, a fixed rate mortgage may be an especially good option 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 reduced monthly payments.

Getting Out some Cash

Are you refinancing mainly to pull out some home equity for an infusion of cash? Your house needs updating; your son has gone to college and needs tuition; or you have a special family vacation planned. In this case, you will need to get a loan higher than the balance remaining on your present mortgage.Then you will want to need to find a loan for a bigger amount than the balance remaining on your existing mortgage loan. If you've had your existing mortgage for quite a while and/or have a loan with high interest, you might\could be able to do this without increasing your monthly payment.

Consolidating Your Debt

Do you want to cash out some home equity to consolidate other debt? Yes you can! If you have the equity in your home to make it work, taking care of other debt with higher interest than the rate on your mortgage (for example: car loans, credit cards, student loans, or home equity loans) means you may be able to save hundreds of dollars in your monthly budget.

Paying it off Faster

Are you dreaming of paying off your loan faster, while beefing up your equity quicker? Then, you'll want to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. Your monthly payments will likely be higher than with a longer term loan, but in exchange, you will pay quite a bit less interest and can build up equity more quickly. However, if you've held your current thirty-year mortgage loan for a long time and the remaining balance is relatively low, you might be do this without raising your mortgage payment — it's even possible to save! To help you determine your options and the many benefits of refinancing, please contact us at (602) 332-9544. We will help you reach your goals!

Curious about refinancing your home? Call us: (602) 332-9544.

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