Selecting a Refinancing Loan

There are not as many refinance loan options as there are borrowers, but it feels like it sometimes! Call us at 720-598-8300 and we can match you with the refinance program that fits you best. There are some general things to bear in mind while you look at your choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be the right choice for you. Perhaps you are presently in a loan with a high, fixed interest rate, or a loan with which the interest rate varies - an adjustable rate mortgage (ARM). Even if rates get higher later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set the low interest rate for the life of your mortgage. A fixed-rate mortgage can be especially a wise idea if you aren't planning a move within the next five years or so. However, an ARM with a low intitial payment could be a smarter way to reduce your mortgage payments if you see yourself moving in the next few years.

Cashing Out

Is your refinance goal mainly to pull out some equity for an infusion of cash? Your house needs improvements; your son has been accepted to University and needs tuition; or you are planning a special vacation. So you will want to get a loan higher than the balance remaining on your current mortgage loan.With this goal, you will You'll be looking for a loan for a higher amount than the remaining balance on your present mortgage in that case. However, if your interest rate is high now and you've had it for quite a few years, you may be able to accomplish your goals without making your monthly payments rise.

Debt Consolidation

Do you hold other debt, maybe with a high interest rate, that you need to consolidate? If you have built up some home equity, paying off other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) might be able to save you a chunk of cash every month.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off more quickly, while building up your equity quicker? If this is your goal, your refinance loan can change you to a mortgage loan program with a shorter term, for example: a 15 year loan. Even though your monthly payments will likely be increased, you can save on interest; so your equity will rise up faster. However, if you've had your existing 30-year mortgage loan for a long time and the remaining balance is relatively low, you could be do this without increasing your monthly mortgage payment — you might even be able to save! To help you determine your options and the many benefits of refinancing, please contact us at 720-598-8300. We are here for you.

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

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