Which Refinancing Loan Program is Best for You?

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There are a huge number of refinancing programs available to borrowers. Contact us at 530-885-1545 and we will work with you to qualify you for the perfect refinance program for your situation. There are some general things to keep in mind while you look at your choices.

Reducing Your Monthly Payments

Are getting better monthly payments and a better rate your main refinance goals? If so, applying for a low, fixed-rate loan may be a wise option for you. Perhaps you now hold a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — with which the rate of interest can vary. Even if rates get higher 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 loan. If you are expecting to live in your home for at least five more years, a loan with a fixed rate may be a particulary good fit for you. But if you do plan to move 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 main purpose for refinancing? It could be you want to pay for home improvements, take care of your college kid's tuition, or take a cruise. Then you'll need to get a loan above the balance remaining of your present mortgage loan.In this case, you'll need However, if your interest rate is high now and you've had it for quite a few years, you could be able to achieve your goals without an increase in your mortgage payment.

Consolidating Your Debt

Do you want to pull out some of your equity to consolidate additional debt? Good plan! If you have a fair amount of equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might help save you a lot of money each month.

Building up Equity Faster

Do you need to build up home equity more quickly, and pay off your mortgage faster? In that case, you want to find out about refinancing to a short term mortgage loan - such as a fifteen-year loan. Although your mortgage payment amount will likely be more, you will be paying less interest; so your home equity will build up faster. However, if you have had your existing thirty year mortgage loan for a long time and the remaining balance is rather low, you may be do this without raising your mortgage payment — it's even possible to save! To help you figure out your options and the multiple benefits of refinancing, please call us at 530-885-1545. We are here for you.

Curious about refinancing your home? Give us a call: 800-530-9421.