Choosing a Refinancing Program

	Shopping for a mortgage? We'll be glad to discuss our many mortgage solutions! Call us at 916-989-6222. Ready to get started? Apply Online Now.

There are not as many loan programs as there are borrowers, but sometimes it seems like it! Call us at 916-989-6222 and we can help you qualify for the best loan program to fit your needs. In the interest of looking at your options, you'll need to determine what you want to achieve with your refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan could be a good choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when rates rise later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in that low interest rate for the term of your mortgage. If you are not planning on moving in the near future (about five years), a fixed-rate mortgage can particularly be a good loan option. On the other hand, if you can see yourself selling your home before too long, an ARM mortgage with a small initial rate may be the ideal way to reduce your monthly payments.

Cashing Out

Are you refinancing mainly to "cash out" some home equity? It could be you want to update your kitchen, take care of your college kid's tuition, or take your dream vacation. So you will need to get a loan above the balance remaining of your existing mortgage loan.So you'll need However, if your loan interest rate is high now and you have held it for quite a few years, you may be able to achieve your goals without a rise in your mortgage payment.

Consolidating Your Debt

Do you want to cash out a portion of your equity to consolidate other debt? Good idea! If you hold some higher interest debts (such as credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have enough equity.

Building up Equity More Quickly

Are you dreaming of paying your loan off more quickly, while beefing up your equity more quickly? In that case, you want to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage loan. The monthly payments will likely be more than they were with the longer term mortgage, but in exchange, you will pay substantially less interest and can build up equity quicker. However, if you've had your current 30 year loan for a number of years and the remaining balance is relatively low, you could be do this without increasing your mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits of refinancing, please contact us at 916-989-6222. We are here to help you reach your goals!

Want to know more about refinancing your home? Call us: 916-989-6222.