Which Refinancing Loan Program is Best for You?

There are not as many loan program choices as there are borrowers, but it seems like it sometimes! Contact us at (602) 332-9544 and we will work with you to qualify you for the perfect refinance loan to fit your needs. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you begin your decision process.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? Then a good choice might 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). Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of the mortgage loan, even when interest rates rise. If you plan to live in your home for at least five more years, a fixed-rate loan may be a particulary good choice for you. However, an ARM with a initial low payment may be a better way to reduce your mortgage payments if you see yourself moving within the near future.

Refinancing to Cash Out

Are you planning to cash out some of your equity in your refinance? It could be you want to pay for home improvements, take care of your college kid's tuition, or go on a dream vacation. In this case, you want to find a loan above the balance remaining of your current mortgage loan.Then you will want If you've had your current mortgage loan for a long time and/or have a mortgage loan with a high interest rate, you might\could be able to do this without increasing your mortgage payment.

Consolidating Debt

Perhaps you want to pull out a portion of the equity in your home (cash out) to put toward other debt. If you have some debt with high interest (like credit cards or car loans), you may be able to take care of that debt with a loan with a lower rate with your refinance, if you have the equity built up to make it work.

Paying it off Faster

Do you want to build up equity quicker, and have your mortgage paid off faster? In that case, you'll want to find out about refinancing to a short term mortgage loan - such as a fifteen-year mortgage loan. You will be paying less interest and increasing your equity faster, even though your monthly payments will generally be more than they were. Conversely, if your existing longer term loan has a small balance remaining, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you understand your options and the many benefits in refinancing, please call us at (602) 332-9544. We will help you reach your goals!

Curious about refinancing your home? Give us a call at (602) 332-9544.

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