Selecting a Refinancing Program

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When you are overwhelmed with so many options, it may seem as if there are even more refinance loan programs than applicants! Call us at 303-596-8672 and we can match you with the refinance loan program that best fits you. There are several questions to ask yourself while you look at your choices.

Lowering Your Payments

Are achieving better payments and an improved rate your main reasons for refinancing? In that case, applying for a low, fixed-rate loan could be a good choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your mortgage loan, even as interest rates rise. If you expect to stay in your home for about five more years, a loan with a fixed rate may be a particulary good fit for you. However, an ARM with a initial low payment could be a smarter way to lower your payments if you see yourself moving in the next few years.

Getting Out some Cash

Is "cashing out" your primary reason for your refinance? Maybe you want to pay for home improvements, take care of your college kid's tuition, or take your family on a dream vacation. So you will need to get a loan for more than the remaining balance on your current mortgage loan.With this goal, you'll You will be looking for a loan for a bigger amount than the current balance of your existing mortgage loan in that case. However, if your interest rate is currently high and you've held it for quite a few years, you may be able to accomplish your goals without making your monthly payments bigger.

Consolidating Your Debt

Do you hold other debt, maybe with high interest, that you'd like to consolidate? If you have any debt with steep interest (such as credit cards or car loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have the right amount of equity.

Switching to a Shorter Term Loan

Are you hoping to fatten up your equity faster, and pay your mortgage off more quickly? Then, you want to find out about refinancing to a short term mortgage - for example, a fifteen-year mortgage program. You will be paying less interest and increasing your equity faster, even though your monthly payments will likely be bigger than they were. But, you may be able to switch without a higher monthly payment if your longer term mortgage loan was closed a while back, and the balance remaining is low enough. You may even pay less! To help you understand your options and the multiple benefits of refinancing, please call us at 303-596-8672. We are here for you.

Want to know more about refinancing your home? Give us a call at 303-596-8672.