Which Refinancing Loan Program is Right for You?
There aren't as many refinance loan programs as there are applicants, but it seems like it sometimes! Contact us at (602) 332-9544 and we will help you qualify for the perfect refinance loan to fit your situation. In the interest of looking at your choices, you should think about what you want to achieve with your refinance.
Reducing Your Monthly Payments
Are you refinancing primarily to lower your rate and monthly payments? If so, your best option may be a low fixed-rate loan. Maybe you currently have a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the interest rate can vary. Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of the loan, even if interest rates rise. This kind of loan can be particularly a wise idea if you don't think you'll be moving within the next 5 years or so. However, an ARM with a low intitial payment could be a better way to reduce your mortgage payments if you plan on moving in the next few years.
Is "cashing out" your primary purpose for your refinance? Maybe you need to make home improvements, pay your child's college tuition bill, or take your dream vacation. So you will want to get a loan for more than the balance remaining on your current mortgage loan.With this goal, you You will need to get a loan for more than the balance remaining of your current mortgage in that case. However, if your mortgage rate is high now and you've held it for a long time, you may be able to accomplish your goals without making your monthly payments higher.
Do you want to cash out some equity to consolidate other debt? Yes you can! If you have some debt with high interest (like credit cards or vehicle loans), you might be able to pay that debt off with a lower rate loan with your refinance, if you have the equity built up to make it work.
Switching to a Shorter Term Loan
Are you dreaming of paying off your loan sooner, while building up your equity more quickly? If this is your wish, the refinance loan can move you to a loan program with a short, like a 15 year loan. Your monthly payments will likely be higher than with the longer term mortgage loan, but in exchange, you will pay considerably less interest and can build up equity quicker. But, you may be able to make the change without a higher monthly payment if your longer term mortgage loan was closed a while back, and the remaining balance is somewhat low. You may even make it lower! To help you figure out your options and the numerous benefits of refinancing, please call us at (602) 332-9544. We are here for you.
Curious about refinancing? Call us: (602) 332-9544.
Get a Refinance Quote
Looking to refinance your home? Fill out the following form to get a fast quote from us.