Choosing a Refinancing Option

There are not as many refinance loan options as there are borrowers, but it feels like it at times! Call us at 720-598-8300 and we will match you with the refinance program that fits you best. There are some general things to bear in mind as you review your options.

Lowering Your Payments

Are achieving reduced payments and a lower rate your main reasons for refinancing? Then the best choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the loan, even as interest rates rise. If you expect to live in your home for at least five more years, a fixed rate loan may be an especially good option 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 lower monthly payments.

Getting Out some Cash

Are you hoping 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 go on a dream vacation. In this case, you'll want to get a loan above the remaining balance on your existing mortgage.So you will need However, if your mortgage rate is high now and you've held it for a long time, you may be able to achieve your goals without making your mortgage payments rise.

Consolidating Debt

Perhaps you'd like to pull out a portion of the equity in your home (cash out) to use toward other debt. If you have the equity in your home to make it work, paying off other high interest debt (like home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars monthly.

Getting a Shorter Term Loan

Are you planning to fatten your equity faster, and pay off your mortgage loan more quickly? Then, you'll want to find out about refinancing to a short term mortgage - for example, a fifteen-year mortgage program. You will be paying less interest and increasing your home equity more quickly, even though your payments will generally be bigger than you were paying. Conversely, if your existing longer term mortgage loan has a small balance remaining, and was closed a number of years ago, you may even be able to make the move without paying more each month. To help you determine your options and the multiple benefits in refinancing, please contact us at 720-598-8300. We are here for you.

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

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