Which Refinancing Program is Best for You?

There are a huge number of refinancing programs available to borrowers. We can guide you to choose the loan program that can fit your situation the best. Contact us at 720-598-8300 to get started. What do you hope to achieve with refinancing? Considering in mind the information below will help you narrow your choices.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the ideal option for you. Maybe you currently have a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — where the rate of interest can vary. Even if interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you expect to live in your home for about five more years, a fixed rate mortgage may be a particulary good option for you. On the other hand, if you do see yourself moving in the near future, an ARM with a low initial rate may be the ideal way to lower your monthly payments.

Cashing Out

Are you hoping to cash out some of your equity in your refinance? Perhaps you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you plan to renovate your home. Then you'll need to apply for a loan above the remaining balance on your present mortgage.In this case, you will You will need to find a loan for more than the balance remaining with your existing home loan in that case. You may not have an increase in your monthly payemnt, though, if you have had your current mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Your Debt

Perhaps you'd like to pull out some of the equity (cash out) to put toward other debt. If you hold any higher interest debts (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of home equity.

Building up Equity More Quickly

Are you planning to fatten your equity faster, and get your mortgage paid off sooner? In that case, you'll need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. Even though your mortgage payment amount will usually be more, you will save on interest; so your home equity will build up faster. However, if you have had your current 30-year mortgage for a long time and the loan balance is rather low, you could be do this without raising your monthly payment — you might even be able to save! To help you determine your options and the multiple benefits in refinancing, please call us at 720-598-8300. We are here to help you reach your goals!

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

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