Which Refinancing Loan Program is Best for You?

There aren't as many loan program choices as there are applicants, but it seems like it at times! We can help you choose the refinance program that will fit your situation the best. Contact us at 720-598-8300 to get started. There are some general things to have in mind while you consider the choices.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan may be a wise option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even as interest rates rise, a fixed rate mortgage will remain at the same, low interest rate, unlike an ARM. If you plan to live in your home for at least five more years, a fixed rate mortgage may be a particulary good choice for you. However, an ARM with a low intitial payment could be a smarter way to lower your payments if you expect to move in the next few years.

Getting Out some Cash

Is "cashing out" your primary purpose for refinancing? Maybe you're planning a special vacation; you need to pay college tuition for your child; or you plan to renovate your home. With this in mind, you'll want to get a loan above the balance remaining of your present mortgage loan.In that case, you want You may not increase your mortgage payemnt, however, if you have had your current mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Your Debt

Do you hold other debt, maybe with a higher interest rate, that you'd like to consolidate? If you have some debt with steep interest (like credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have enough equity.

Paying it off Faster

Are you wanting to fatten up your home equity faster, and pay off your mortgage loan more quickly? If this is your plan, your refinance can change you to a mortgage program with a shorter term, such as a 15 year loan. You will be paying less interest and increasing your equity more quickly, even though your mortgage payments will likely be more than they were. However, if you've held your current thirty-year mortgage loan for a long time and the remaining balance is somewhat low, you could be able to do this without raising your mortgage payment — you could even be able to save! To help you determine your options and the multiple benefits of refinancing, please contact us at 720-598-8300. We can help you reach your goals!

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

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