Refinancing: Which Program is for You?

Although it seems like it at times, there aren't as many loan programs as there are applicants! We can guide you to find the loan program that will fit your needs the best. Contact us at 719-357-6601 to get started. What are your reasons for your refinance loan? Considering in mind the information below will help you begin your decision process.

Reducing Your Monthly Payments

Are getting better mortgage payments and an improved rate your main reasons for refinancing? If so, getting a low, fixed-rate loan might be a wise choice for you. Maybe you are now in a mortgage with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the loan, even when interest rates rise. If you are planning to stay in your home for about five more years, a fixed-rate loan may be an especially good option for you. However, an ARM with a initial low payment may be a smarter way to reduce your monthly payments if you expect to move within the near future.

Getting Out some Cash

Is your refinance goal primarily to "cash out" some home equity? Perhaps you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. So you'll want to find a loan higher than the balance remaining on your current mortgage loan.With this goal, you will need However, if your loan 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.

Debt Consolidation

Do you want to pull out a portion of your equity to consolidate other debt? Yes you can! If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (like home equity loans, student loans, or credit cards) means you can save possibly several hundred dollars monthly.

Paying it off Faster

Do you hope to build up equity more quickly, and pay off your mortgage faster? You should consider refinancing with a shorterterm loan, often a 15-year mortgage. Although your monthly payments will likely be more, you will be paying less interest; so your equity amount will rise up faster. However, if you have had your current thirty year loan for a long time and the remaining balance is relatively low, you may be do this without raising your monthly payment — it's even possible to save! To help you figure out your options and the numerous benefits in refinancing, please call us at 719-357-6601. We are here to help you reach your goals!

Want to know more about refinancing? Call us at 719-357-6601.

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