Selecting a Refinancing Program
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When you are overwhelmed with so many options, it may seem as if there are even more refinance programs than applicants! We can help you select the refinance program that will fit your needs the best. Contact us at (303) 993-6358 to get things started. surveying your options, you can think about your goals for your refinance.
Reducing Your Monthly Payments
Are getting better monthly payments and a lower rate your main reasons for refinancing? If so, the best choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your loan, even as interest rates rise. If you are planning to stay in your home for at least 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 better way to reduce your monthly payments if you plan on moving in the next few years.
Refinancing to Cash Out
Is "cashing out" your primary purpose for refinancing? Your house needs new carpet; your son has been accepted to college and needs tuition; or you are taking your family on a cruise. Then you want to apply for a loan for more than the remaining balance on your existing mortgage loan.So you You will need to get a loan for more than the remaining balance on your current mortgage in that case. You may not increase your monthly payment, however, if you've had your current loan for a number of years, and/or your loan interest rate is high.
Do you want to cash out a portion of your equity to consolidate other debt? Good idea! If you have a fair amount of equity, paying off other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) may help save you a chunk of money each month.
Getting a Shorter Term Loan
Are you hoping to fatten your equity faster, and pay your mortgage loan off more quickly? Consider refinancing with a shorterterm loan, like a 15-year mortgage loan. The mortgage payments will probably be higher than they were with a long-term mortgage, but the pay-off is: you will pay considerably less interest and will build up equity more quickly. However, if you have had your existing 30-year mortgage for a long time and the remaining balance is rather low, you may be able to do this without raising 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 us at (303) 993-6358. We are here for you.
Want to know more about refinancing your home? Call us: (303) 993-6358.