Selecting a Refinancing Program

There are an enormous number of refinancing programs available to borrowers. Contact us at 720-598-8300 and we can match you with the refinance program that best fits you. What are your goals for refinancing? Considering in mind the information below will help you begin your decision process.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, a good choice may 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. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your loan, even as interest rates rise. If you are expecting to live in your home for at least five more years, a fixed rate loan may be an especially good choice for you. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced monthly payments.

Refinancing to Cash Out

Are you planning to cash out some of your home equity with your refinance? Your home needs improvements; your son has gone to college and needs tuition money; or you are taking your family on a cruise. With this in mind, you will need to find a loan higher than the balance remaining on your current mortgage loan.Then you You'll be looking for a loan for more than the balance remaining of your present mortgage in this case. However, if your loan interest rate is high now and you've held it for quite a few years, you may be able to achieve your goals without making your monthly payments increase.

Consolidating Your Debt

Do you have other debt, maybe with higher interest, that you need to consolidate? If you have some higher interest debts (such as credit cards or vehicle loans), you may be able to take care of that debt with a loan with a lower rate with your refinance, if you have enough equity.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off faster, while building up your equity more quickly? If this is your plan, the refinance mortgage can switch you to a mortgage loan program with a shorter term, such as a 15 year loan. Your payments will probably be more than with your longer term loan, but the pay-off is: that you will pay considerably less interest and can build up equity more quickly. However, if you have had your existing thirty year mortgage loan for a long time and the remaining balance is rather low, you may be do this without raising your mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits in refinancing, please call us at 720-598-8300. We can help you reach your goals!

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

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