Choosing a Refinancing Program

There are not as many refinance loan programs as there are borrowers, but it seems like it at times! Call us at 714-970-9700 and we will match you with the loan program that fits you best. There are several things to keep in mind while you review your choices.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? 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 loans that you might want to refinance. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of the mortgage loan, even if interest rates rise. If you plan to live in your home for about five more years, a loan with a fixed rate may be a particulary good option for you. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced mortgage payments.

Cashing Out

Is "cashing out" your primary reason for refinancing? It could be you're planning a special vacation; you need to pay college tuition for your child; or you plan to renovate your home. Then you want to apply for a loan for more than the remaining balance on your existing mortgage loan.So you'll want You may not increase your monthly payemnt, however, if you've had your existing mortgage for a number of years, and/or your loan interest rate is high.

Consolidating Debt

Maybe you hope to cash out some home equity (cash out) to put toward other debt. If you hold some higher interest debts (like credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of home equity.

Paying it off Faster

Are you hoping to fatten your equity faster, and get your mortgage paid off sooner? Then, you'll need to look into refinancing to a short term mortgage - such as a fifteen-year mortgage program. Although your monthly payments will probably be increased, you can be paying less interest; so your equity amount will rise up faster. But, you might be able to switch without a higher monthly mortgage payment if your long term mortgage loan was closed a while back, and the balance remaining is low enough. You could even make it lower! To help you figure out your options and the many benefits in refinancing, please call us at 714-970-9700. We will help you reach your goals!

Want to know more about refinancing? Give us a call: 714-970-9700.

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