Choosing a Refinancing Option

There aren't as many loan program choices as there are borrowers, but at times it feels like it! We can guide you to locate the loan program that can fit your needs the best. Contact us at 360-570-0106 to get things started. What do you hope to achieve with refinancing? Considering in mind the information below will help you begin your decision process.

Reducing Your Monthly Payments

Are getting lower monthly payments and an improved rate your main refinance goals? Then a good option could be a low fixed-rate loan. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage with which the interest rate varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the mortgage, even as interest rates rise. If you are not planning a move in the near future (about five years), a fixed-rate mortgage can particularly be a great option. However, if you can see yourself moving within the next few years, an adjustable rate mortgage with a small initial rate might be the ideal way to reduce your monthly payments.

Cashing Out

Are you refinancing primarily to "cash out" some home equity? Maybe you want to update your kitchen, take care of your college kid's tuition, or go on a an Alaskan cruise. In this case, you'll want to find a loan above the remaining balance of your current mortgage.Then you'll You'll be looking for a loan for more than the balance remaining with your current home loan in that case. If you've had your existing mortgage for a long time and/or have a mortgage whose interest rate is high, you might\could be able to do this without increasing your mortgage payment.

Consolidating Debt

Maybe you want to cash out some of the equity in your home (cash out) to put toward other debt. If you have enough home equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might be able to save you a chunk of money each month.

Paying it off Faster

Are you hoping to fatten your equity faster, and get your mortgage paid off more quickly? If this is your plan, the refinance can change you to a mortgage program with a short, for example: a 15 year loan. Even though your monthly payment amount will usually be more, you will save on interest; so your equity will build up faster. But, you might be able to switch without much increase in your monthly payment if your long term mortgage was closed a while ago, and the balance remaining is low. You may even pay less! To help you determine your options and the many benefits in refinancing, please contact us at 360-570-0106. We are here for you.

Want to know more about refinancing? Call us at 360-570-0106.

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