Refinancing: Which Option is for You?

Even though it may seem like it sometimes, there are not as many refinance loan choices as there are borrowers! We can help you find the loan program that will fit your situation the best. Contact us at 602-369-8482 to begin the process. There are several questions to ask yourself as you look at your options.

Making Your Payments Lower

Are achieving reduced monthly payments and an improved rate your main reasons for refinancing? In that case, applying for a low, fixed-rate loan could be a wise option for you. 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 term of the mortgage loan, even if interest rates rise. If you are planning to stay in your home for about five more years, a loan with a fixed rate may be a particulary 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 to get lower monthly payments.

Cashing Out

Is your refinance goal primarily to pull out some of your home equity for an infusion of cash? Your house needs updating; your daughter has been accepted to college and needs tuition; or you are taking your family on a cruise. With this in mind, you want to find a loan for more than the remaining balance on your current mortgage.So you'll want You may not have an increase in your mortgage payemnt, though, if you've had your current mortgage for a while, and/or your loan interest rate is high.

Consolidating Debt

Perhaps you'd like to cash out a portion of the home equity (cash out) to put toward other debt. If you have the home equity for it, paying off other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars monthly.

Getting a Shorter Term Loan

Are you planning to fatten up your equity faster, and get your mortgage paid off sooner? In that case, you need to find out about refinancing to a short term mortgage - such as a fifteen-year mortgage program. You will be paying less interest and increasing your equity more quickly, although your payments will generally be bigger than you were paying. On the other hand, if your current longer term loan has a small remaining balance, and was closed a number of years ago, you might be able to make the move without paying more each month. To help you figure out your options and the many benefits in refinancing, please call us at 602-369-8482. We can help you reach your goals!

Curious about refinancing your home? Give us a call at 602-369-8482.

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