Refinancing: Which Option is for You?

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There are not as many refinance loan programs as there are borrowers, but sometimes it seems like it! Call us at (408) 540-0200 and we will work with you to qualify you for the best refinance loan program for your needs. In order to review your choices, you should consider your goals for the refinance.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the right choice for you. Maybe you currently have a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — in which the interest rate varies. Even when interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you are not expecting to sell your home in the near future (about five years), a fixed-rate mortgage can particularly be a great loan option. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate to get lower payments.

Cashing Out

Are you wanting to cash out some of your equity in your refinance? Your home needs updating; your daughter has gone to college and needs tuition; or you have a special family vacation planned. So you will want to find a loan higher than the remaining balance on your present mortgage loan.With this goal, you will want You might not increase your monthly payment, though, if you have had your current mortgage for a while, and/or your interest rate is high.

Debt Consolidation

Do you want to cash out some of your home equity to consolidate additional debt? Great idea! If you have enough equity, paying off other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) may help save you a lot of cash each month.

Paying it off Sooner

Are you dreaming of paying off your loan more quickly, while building up your home equity quicker? If this is your goal, the refinance loan can switch you to a loan program with a short, for example: a 15 year loan. The mortgage payments will likely be more than they were with a longer term mortgage loan, but the pay-off is: you will pay considerably less interest and can build up equity more quickly. However, if you have held your existing 30 year loan for a long time and the loan balance is somewhat low, you could be able to do this without increasing your monthly payment — you could even be able to save! To help you determine your options and the multiple benefits of refinancing, please call us at (408) 540-0200. We are here for you.

Curious about refinancing your home? Call us: (408) 540-0200.

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