Choosing a Refinancing Option

There are a huge number of refinancing programs available to borrowers. We can help you choose the loan program that can fit your situation the best. Contact us at 720-598-8300 to begin the process. surveying your options, you'll need to consider your goals for your refinance.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan could be a good choice for you. Maybe you now hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — in which the rate of interest varies. Even if rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you lock in that low rate for the term of your mortgage. If you are planning to live in your home for about five more years, a loan with a fixed rate may be an especially good option for you. However, if you do see yourself selling your home before too long, an ARM mortgage with a small initial rate may be the best way to lower your monthly payment.

Getting Out some Cash

Is "cashing out" your primary reason for refinancing? Maybe you need to make home improvements, pay your child's college tuition bill, or go on a dream vacation. In this case, you need to apply for a loan above the remaining balance on your present mortgage loan.With this goal, you'll need However, if your mortgage rate is high now and you've held it for a long time, you could be able to reach your goals without making your mortgage payments bigger.

Consolidating Debt

Maybe you hope to cash out some equity (cash out) to put toward other debt. If you own some debt with high interest (like credit cards or car loans), you may be able to pay that debt off with a lower rate loan through your refinance, if you have the home equity built up to make it work.

Paying it off Faster

Are you planning to fatten up your home equity faster, and pay your mortgage off more quickly? In that case, you'll need to look into refinancing to a short term mortgage - for example, a fifteen-year loan. The payments will probably be higher than they were with a long-term mortgage loan, but in exchange, that you will pay substantially less interest and can build up equity more quickly. Conversely, if your existing longer term loan has a low balance remaining, and was closed a while ago, you may even be able to make the move without paying more each month. To help you figure out your options and the numerous benefits of refinancing, please call us at 720-598-8300. We can help you reach your goals!

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

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