Refinancing: Which Program is for You?
There are a huge number of refinancing options available to borrowers. Contact us at (303) 228-2254 and we will work with you to qualify you for the best refinance loan program for your situation. surveying your options, you will need to list your goals for your refinance.
Making Your Payments Lower
Are achieving better monthly payments and an improved rate your main refinance goals? In that case, a low, fixed rate loan may be the best option for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even if rates get higher later, unlike with your ARM, when you close a fixed rate mortgage, you lock in that low rate for the term of your mortgage. If you aren't expecting to move in the near future (about five years), a fixed rate mortgage loan can particularly be a wise loan option. However, an ARM with a initial low payment may be a wiser way to reduce your mortgage payments if you see yourself moving in the near future.
Getting Out some Cash
Are you planning to cash out some of your equity in your refinance? Maybe you want to pay for home improvements, take care of your college kid's tuition, or take your dream vacation. Then you want to qualify for a loan higher than the remaining balance on your existing mortgage loan.So you will want to need to get a loan program for a bigger amount than the remaining balance on your current mortgage loan. However, if your mortgage rate is high now and you've had it for quite a few years, you could be able to accomplish your goals without an increase in your mortgage payment.
Do you want to cash out some home equity to consolidate other debt? Yes you can! If you have some debt with steep interest (like credit cards or car 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 equity.
Building up Equity Faster
Are you dreaming of paying off your loan sooner, while building up your equity faster? Then, you'll need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage program. You will be paying less interest and increasing your equity more quickly, even though your payments will likely be higher than they were. However, if you've held your existing 30-year mortgage for a number of years and the loan balance is rather low, you might be able to do this without raising your monthly payment — you may even be able to save! To help you understand your options and the multiple benefits of refinancing, please call us at (303) 228-2254. We are here to help you reach your goals!
Curious about refinancing your home? Call us: (303) 228-2254.