Choosing a Refinancing Option
The huge number of refinance options available is truly breathtaking. We can help you locate the loan program that will fit your needs the best. Call us at (303) 228-2254 to get started. In order to review your options, you will need to think about your goals for your refinance.
Reducing Your Monthly Payments
Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even if rates rise later, unlike with your ARM, when you close a mortgage with a fixed rate, you set the low interest rate for the life of your loan. If you aren't planning on moving in the near future (about five years), a fixed-rate mortgage can especially be a wise loan option. However, an ARM with a initial low payment could be a wiser way to lower your monthly payments if you expect to move in the next few years.
Refinancing to Cash Out
Are you planning to cash out some of your equity in your refinance? Your home needs new carpet; your daughter has been accepted to University and needs tuition money; or you are planning a special vacation. In this case, you'll need to get a loan for more than the remaining balance on your present mortgage loan.Then you'll want However, if your interest rate is high now 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
Do you want to cash out some home equity to consolidate additional debt? Great plan! If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars in your budget each month.
Building up Equity Faster
Are you planning to fatten up your home equity faster, and get your mortgage paid off sooner? Then, you need to look into refinancing to a short term mortgage loan - like a fifteen-year loan. You will be paying less interest and growing your equity more quickly, although your payments will usually be more than you were paying. However, if you have held your current 30 year mortgage loan for a long time and the loan balance is somewhat low, you may be do this without increasing your monthly mortgage payment — you might even be able to save! To help you understand your options and the numerous benefits of refinancing, please contact us at (303) 228-2254. We will help you reach your goals!
Want to know more about refinancing? Call us: (303) 228-2254.