Which Refinancing Program is Best for You?

The number of refinance options available is truly breathtaking. We can help you find the refinance loan program that will fit your needs the best. Contact us at (602) 332-9544 to begin the process. There are several questions to ask yourself as you look at your options.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? In that case, your best option could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even if rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in the low rate for the life of your mortgage. If you aren't planning on moving in the near future (about five years), a fixed rate mortgage loan can especially be a great choice. On the other hand, if you can see yourself moving within several years, an ARM with a small initial rate might be the best way to lower your monthly payments.

Getting Out some Cash

Are you wanting to cash out some of your home equity in your refinance? Your home needs improvements; your son has gone to University and needs tuition; or you are taking your family on a cruise. So you will need to get a loan for more than the balance remaining of your existing mortgage.In that case, you will want to qualify for a loan for a bigger amount than the balance remaining on your present mortgage. If you've had your current mortgage loan for quite a while and/or have a mortgage whose interest rate is high, you may be able to do this without making your monthly payment higher.

Consolidating Debt

Maybe you want to pull out some of the equity (cash out) to put toward other debt. If you hold any higher interest debts (such as credit cards or car loans), you may be able to take care of that debt with a loan with a lower rate through your refinance, if you have the home equity built up to make it work.

Paying it off Faster

Are you planning to fatten up your home equity faster, and pay off your mortgage more quickly? If this is your goal, your refinance loan can switch you to a mortgage program with a shorter term, for example: a 15 year loan. You will be paying less interest and growing your home equity more quickly, although your monthly payments will generally be bigger than you have been paying. However, if you've had your existing thirty year loan for a number of years and the remaining balance is relatively low, you may be do this without raising your monthly mortgage payment — you might even be able to save! To help you determine your options and the multiple benefits of refinancing, please contact us at (602) 332-9544. We are here for you.

Want to know more about refinancing your home? Call us: (602) 332-9544.

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