Refinancing: Which Loan Program is for You?
The number of refinance options available is truly breathtaking. Call us at (303) 228-2254 and we can match you with the loan program that is ideal for you. surveying your options, you should determine your goals for the refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan might be a wise choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your mortgage, even as interest rates rise. A fixed-rate mortgage can be especially a good option if you don't think you'll be moving within the next five years or so. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower payments.
Refinancing to Cash Out
Is your refinance goal primarily to pull out some of your home equity for an infusion of cash? Maybe you're planning a special vacation; you need to pay tuition for your college-bound child; or you plan to renovate your home. Then you'll want to find a loan for more than the remaining balance on your existing mortgage loan.With this goal, you will need If you've had your current mortgage for a number of years and/or have a high interest mortgage, you might\could be able to do this without increasing your monthly payment.
Consolidating Your Debt
Do you want to cash out some of your equity to consolidate other debt? Yes you can! If you have the home equity to make it work, taking care of other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars each month.
Paying it off Sooner
Are you wanting to fatten your equity faster, and pay your mortgage off more quickly? If this is your goal, your refinance mortgage can change you to a mortgage program with a shorter term, for example: a 15 year loan. You will be paying less interest and growing your home equity faster, although your payments will likely be bigger than they were. Conversely, if your existing long-term mortgage loan has a low balance remaining, and was closed a number of years ago, you may 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 contact us at (303) 228-2254. We are here for you.
Curious about refinancing? Call us: (303) 228-2254.