Which Refinancing Loan Program is Right for You?

There are not as many loan programs as there are borrowers, but sometimes it seems like it! Call us at 720-598-8300 and we will match you with the loan program that fits you best. surveying your options, you can think about what you want to achieve with the refinance.

Making Your Payments Lower

Are getting better payments and an improved rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the best loan program for you. Maybe you are now in a mortgage with a high, fixed interest rate, or a loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the mortgage loan, even as interest rates rise. If you aren't expecting to sell your home in the near future (about five years), a fixed-rate mortgage can especially be a wise choice. On the other hand, if you can see yourself moving in the near future, an ARM with a small initial rate may be the ideal way to reduce your monthly payments.

Refinancing to Cash Out

Are you wanting to cash out some of your home equity in your refinance? Maybe you want to update your kitchen, take care of your college kid's tuition, or take a cruise. So you'll need to find a loan above the balance remaining of your current mortgage.With this goal, you will want However, if your interest rate is currently high and you've had it for a long time, you could be able to achieve your goals without making your monthly payments bigger.

Consolidating Debt

Do you want to cash out a portion of your home equity to consolidate additional debt? Great plan! If you have any debt with high interest (such as credit cards or car loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have the home equity built up to make it work.

Building up Equity Faster

Do you hope to build up home equity quicker, and pay off your mortgage faster? In that case, you need to look into refinancing to a short term mortgage - for example, a fifteen-year mortgage loan. You will be paying less interest and growing your home equity more quickly, even though your payments will likely be bigger than you have been paying. However, if you've had your existing 30 year mortgage for a long time and the loan balance is somewhat low, you might be do this without increasing your mortgage payment — you may even be able to save! To help you determine your options and the multiple benefits of refinancing, please call us at 720-598-8300. We are here for you.

Curious about refinancing? Give us a call: 720-598-8300.

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