Choosing a Refinancing Option
There are a huge number of refinancing options available to borrowers. Call us at 720-598-8300 and we will help you qualify for the perfect refinance program for your situation. What do you hope to achieve with refinancing? Considering in mind the information below will help you narrow your choices.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the best choice for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies - an adjustable rate mortgage (ARM). Even when rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you set the low interest rate for the term of your loan. This kind of loan is particularly a good option if you aren't expecting a move within the next five years or so. On the other hand, if you do see yourself selling your home in the near future, an ARM mortgage with a small initial rate may be the best way to bring down your monthly payment.
Refinancing to Cash Out
Is "cashing out" your main reason for refinancing? Your house needs new carpet; your son has gone to University and needs tuition money; or you are planning a special vacation. So you'll need to get a loan above the remaining balance on your existing mortgage loan.So you'll You will want to qualify for a loan for more than the current balance of your current mortgage in this case. 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 mortgage payment bigger.
Consolidating Your Debt
Do you hold other debt, maybe with high interest, that you'd like to consolidate? If you have built up some equity, taking care of other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) may be able to save you a lot of cash each month.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while building up your home equity faster? You should consider refinancing to a short-term loan, such as a 15-year mortgage. Although your monthly payment amount will usually be increased, you will save on interest; so your home equity will build up faster. But, you might be able to make the change without a bigger monthly payment if your longer term mortgage loan was closed a while back, and the balance remaining is small. You may even make it lower! To help you determine your options and the many benefits in refinancing, please contact us at 720-598-8300. We are here for you.
Curious about refinancing your home? Call us: 720-598-8300.