Selecting a Refinancing Program

Although it may seem like it sometimes, there aren't as many refinance choices as there are borrowers! Contact us at 720-598-8300 and we can match you with the refinance program that is best for you. There are several questions to ask yourself as you consider your options.

Making Your Payments Lower

Are getting reduced monthly payments and an improved rate your main refinance goals? In that case, a low, fixed rate loan may be the right option for you. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate varies. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the mortgage, even if interest rates rise. If you are not expecting to move in the near future (about five years), a fixed-rate mortgage can especially be a wise choice. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Refinancing to Cash Out

Is your refinance goal mainly to "cash out" some home equity? Perhaps you're planning a special vacation; you have to pay tuition for your college-bound child; or you plan to renovate your home. In this case, you'll need to find a loan for more than the balance remaining of your existing mortgage.So you will want to find a loan program for a higher number than the balance remaining on your existing mortgage loan. If you've had your existing mortgage for a long time and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment bigger.

Consolidating Your Debt

Do you have other debt, perhaps with higher interest, that you need to consolidate? If you have the home equity to make it work, paying off other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars monthly.

Paying it off Sooner

Are you wanting to fatten your equity faster, and pay your mortgage loan off more quickly? Consider refinancing with a short-term loan, such as a 15-year mortgage loan. You will be paying less interest and growing your home equity more quickly, even though your mortgage payments will usually be more than you were paying. But, you may be able to switch without much increase in your monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the remaining balance is low enough. You may even pay less! To help you figure out your options and the many benefits of refinancing, please call us at 720-598-8300. We are here for you.

Curious about refinancing? Call us at 720-598-8300.

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