Which Refinancing option is best for you?

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Although it may seem like it at times, there are not as many refinance loan options as there are applicants! Call us at (408) 293-7878 and we will match you with the loan program that is best for your needs. surveying your options, you can list your goals for your refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan might be a good choice for you. Maybe you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — with which the interest rate can vary. Even if interest rates rise, a fixed rate mortgage loan must stay at the same, low interest rate, unlike an ARM. This is especially a good idea if you don't plan to sell your home within the next 5 years or so. 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 lower mortgage payments.

Getting Out some Cash

Is "cashing out" your primary reason for your refinance? Your home needs new carpet; your daughter has gone to college and needs tuition; or you are planning a special vacation. Then you want to find a loan for more than the remaining balance of your current mortgage loan.So you will You'll be looking for a loan for a higher amount than the remaining balance with your present mortgage in this case. If you've had your current mortgage for quite a while and/or have a loan with a high interest rate, you might\could be able to do this without increasing your mortgage payment.

Debt Consolidation

Do you have other debt, perhaps with a high interest rate, that you want to consolidate? If you have any debt with high interest (such as credit cards or car loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have the right amount of home equity.

Paying it off Faster

Are you dreaming of paying your loan off faster, while building up your equity quicker? Then, you need to look into refinancing to a short term mortgage loan - for example, a fifteen-year loan. Although your monthly payments will usually be increased, you will be paying less interest; so your home equity will rise up faster. But, you could be able to make the change without a bigger monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the remaining balance is somewhat low. You could even pay less! To help you figure out your options and the many benefits of refinancing, please contact us at (408) 293-7878. We are here to help you reach your goals!