Selecting a Refinancing Program
There are an enormous number of refinancing programs available to borrowers. Contact me at 623-202-3142 and I will match you with the refinance program that best fits your specific needs. In the interest of looking at your options, you should list what you want to achieve with the refinance.
Reducing Your Monthly Payments
Is your refinance primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan may be a good option for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a loan in which the rate of interest varies : an adjustable rate mortgage (ARM). If you are planning to stay in your home for five or more years, a fixed-rate loan may be a good fit. On the other hand, if you see yourself moving in less than five years, an Adjustable Rate Mortgage with a low initial rate may be the best way to reduce your monthly payments.
Is "cashing out" your primary reason for your refinance? Your home needs new carpet; your daughter has gone to college and needs tuition money; or you have a special family vacation planned. Then you'll want to get a loan above the remaining balance of your present mortgage.Then you will want to find a loan program for a bigger amount than the balance remaining on your present mortgage loan. However, if your loan interest rate is high now and you've held it for a long time, you could be able to achieve your goals without a rise in your mortgage payment.
Consolidating Your Debt
Do you hold other debt, perhaps with higher interest, that you'd like to consolidate? If you own some debt with high interest (such as credit cards or car loans), you might be able to pay that debt off with a lower rate loan through your refinance.
Building up Equity More Quickly
Are you planning to fatten your equity faster, and pay your mortgage loan off sooner? Consider refinancing with a short-term loan, like a 15-year mortgage. Although your monthly payments will probably be more, you will be paying less interest; so your equity will build up faster. But, you may be able to switch without much increase in your monthly payment if your longer term mortgage loan was closed a while back, and the balance remaining is small. You could even pay less! To help you determine your options and the many benefits in refinancing, please call me at 623-202-3142. I am are here for you.
Curious about refinancing? Give me a call at 623-202-3142.