Selecting a Refinancing Program

Even though it may seem like it sometimes, there aren't as many refinance options as there are applicants! Contact us at 720-598-8300 and we'll help you qualify for the best refinance program to fit your situation. There are some general questions to ask yourself as you look at the choices.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the right choice for you. Maybe you now have a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — in which the rate of interest varies. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of the mortgage loan, even if interest rates rise. If you plan to live in your home for about five more years, a fixed-rate loan may be a particulary good option for you. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced monthly payments.

Getting Out some Cash

Are you planning to cash out some of your home equity in your refinance? Perhaps you want to pay for home improvements, take care of your college kid's tuition, or take your family on a dream vacation. In this case, you'll need to find a loan above the balance remaining on your current mortgage loan.In this case, you will need However, if your loan interest rate is currently high and you have held it for quite a few years, you could be able to reach your goals without a rise in your mortgage payment.

Consolidating Your Debt

Perhaps you'd like to cash out a portion of the home equity (cash out) to put toward other debt. If you have built up some home equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could be able to save you a lot of money each month.

Building up Equity Faster

Are you planning to fatten your equity faster, and pay off your mortgage more quickly? If this is your hope, your refinance loan can change you to a mortgage program with a short, such as a 15 year loan. You will be paying less interest and increasing your equity faster, even though your mortgage payments will usually be higher than you have been paying. However, if you've held your existing 30 year mortgage for a number of years and the loan balance is relatively low, you may be able to do this without increasing your monthly mortgage payment — you could even be able to save! To help you understand your options and the multiple benefits in refinancing, please call us at 720-598-8300. We are here for you.

Want to know more about refinancing your home? Call us: 720-598-8300.

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