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Which Refinancing Loan Program is Best for You?

The number of refinance options available can be overwhelming. Contact us at (760)789-9995 and we'll help you qualify for the best refinance program to fit your financial needs. What are your reasons for refinancing? Considering in mind the information below will help you begin your decision process.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best option might be a low fixed-rate loan. Perhaps you now have a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate varies. Even if rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you set the low rate for the life of your mortgage. If you are not expecting to move in the near future (about 5 years), a fixed-rate mortgage can especially be a wise loan option. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced monthly payments.

Refinancing to Cash Out

Is "cashing out" your primary purpose for your refinance? It could be you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you plan to renovate your home. So you'll want to find a loan higher than the balance remaining on your present mortgage loan.With this goal, you'll want However, if your mortgage rate is high now and you've had it for a long time, you could be able to achieve your goals without making your monthly payments higher.

Consolidating Your Debt

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

Building up Equity Faster

Are you dreaming of paying your loan off more quickly, while building up your equity faster? Then, you'll want to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. Although your mortgage payments will probably be more, you can be paying less interest; so your equity amount will build up faster. However, if you have held your current thirty-year loan for a long time and the loan balance is relatively low, you could be do this without increasing your monthly payment — it's even possible to save! To help you understand your options and the numerous benefits of refinancing, please call us at (760)789-9995. We will help you reach your goals!

Want to know more about refinancing? Call us at (760)789-9995.

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