About Mortgage Refinance
There are many reasons you may want to refinance
your existing mortgage, contact me at 661-803-5594 and we can match you with
the refinance loan program that fits you best. There
are several things to bear in mind as you review your choices.
Refinancing to lower your
payment
Are you refinancing primarily to lower your rate
and monthly payments? Then a low, fixed rate loan may be your best option.
Perhaps you currently have a higher rate fixed rate mortgage, or perhaps you
have an ARM — adjustable rate mortgage — with which the rate of interest
varies. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low
rate for the term of your mortgage, even as interest rates rise. If you are not planning a move in the near future (about five
years), a fixed-rate mortgage could be a good loan option. But if you do expect to sell your home more quickly, you will want to consider an ARM with a
low initial rate in order to achieve lower payments.
Refinancing to Cash Out
Are you planning to cash out some of your home
equity in your refinance? It could be you want to update your kitchen, pay your
child's college tuition bill, or take a cruise. Then you want to look for a
loan for more than the remaining balance of your existing mortgage.With this goal, you will You'll be looking for a loan for
more than the current balance with your existing mortgage in that case. You
might not have an increase in your mortgage payemnt,
though, if you have had your existing loan for a while, and/or your interest
rate is high.
Refinancing for Debt
Consolidation
Maybe you want to cash out a portion of the home
equity (cash out) to use toward other debt. If you have the home equity for it,
taking care of other high interest debt (like credit cards, home equity loans,
or car loans) means you can possible save several hundred dollars in your
monthly budget.
Paying it off Sooner
Are you hoping to fatten up your home equity faster, and get your mortgage paid off sooner? In that case, you want to find out about refinancing to a short term mortgage - for example, a fifteen-year mortgage program. You will be paying less interest and increasing your equity more quickly, although your payments will likely be higher than you have been paying. However, if you have had your current thirty year mortgage for a number of years and the remaining balance is rather low, you might be do this without increasing your mortgage payment — you could even be able to save! To help you figure out your options and the multiple benefits of refinancing, please contact me. We are here to help you reach your goals!