Which Refinancing Program is Best for You?

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The huge number of refinance options available is truly breathtaking. Contact us at 360-539-4687 and we can work with you to qualify you for the right refinance program to fit your financial needs. What are your goals for refinancing? Keeping in mind the information below will help you narrow your choices.

Lowering Your Payments

Are getting lower monthly payments and an improved rate your main refinance goals? Then a good choice might be a low fixed-rate loan. Maybe you currently have a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — where the rate of interest can vary. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your mortgage loan, even when interest rates rise. If you are expecting to stay in your home for about five more years, a fixed rate loan may be an especially good option for you. However, an ARM with a low initial payment may be a wiser way to reduce your monthly payments if you expect to move in the next few years.

Getting Out some Cash

Is "cashing out" your primary purpose for refinancing? It could be you want to pay for home improvements, pay your child's college tuition bill, or go on a an Alaskan cruise. Then you will want to find a loan above the balance remaining of your existing mortgage loan.In that case, you will You will be looking for a loan for more than the current balance with your current mortgage loan in this case. If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment higher.

Consolidating Debt

Do you want to pull out a portion of your equity to consolidate other debt? Good plan! If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (like car loans, credit cards, student loans, or home equity loans) means you can save possibly hundreds of dollars a month.

Paying it off Sooner

Are you dreaming of paying your loan off faster, while beefing up your equity quicker? If this is your plan, the refinance mortgage can switch you to a loan program with a short, for example: a 15 year loan. Although your mortgage payments will usually be increased, you can be paying less interest; so your equity will rise up faster. However, if you've held your current thirty year mortgage for a number of years and the loan balance is somewhat low, you might be do this without increasing your monthly mortgage payment — you may even be able to save! To help you determine your options and the many benefits of refinancing, please contact us at 360-539-4687. We are here to help you reach your goals!

Want to know more about refinancing? Call us: 360-539-4687.