Which Refinancing Loan Program is Best for You?

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There aren't as many refinance loan programs as there are borrowers, but it seems like it sometimes! Contact us at 303.727.2466 and we can match you with the loan program that fits you best. What do you hope to achieve with refinancing? Considering in mind the following will help you narrow your choices.

Reducing Your Monthly Payments

Are achieving better payments and an improved rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the ideal option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when rates rise later, unlike with your ARM, when you close a fixed-rate mortgage, you lock in that low interest rate for the term of your mortgage. A fixed-rate mortgage is particularly a wise option if you don't think you'll be selling your home within the next five years or so. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate to get lower monthly payments.

Refinancing to Cash Out

Are you refinancing mainly to "cash out" some home equity? Perhaps you want to pay for home improvements, take care of your college kid's tuition, or take your family on a dream vacation. Then you want to get a loan for more than the balance remaining of your present mortgage.With this goal, you need If you've had your current mortgage loan for a number of years and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment higher.

Debt Consolidation

Do you hold other debt, perhaps with high interest, that you want to consolidate? If you have a fair amount of home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a lot of cash every month.

Switching to a Shorter Term Loan

Are you planning to fatten up your equity faster, and pay off your mortgage loan sooner? In that case, you'll need to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. Your mortgage payments will probably be more than with a longer term mortgage loan, but in exchange, that you will pay substantially less interest and can build up equity more quickly. But, you may be able to switch without a bigger monthly payment if your long term mortgage loan was closed a while back, and the remaining balance is small. You may even pay less! To help you figure out your options and the many benefits in refinancing, please contact us at 303.727.2466. We are here to help you reach your goals!

Want to know more about refinancing your home? Call us at 303.727.2466.