Choosing a Refinancing Loan

In the market for a new mortgage? We'd be thrilled to discuss your mortgage needs! Give us a call today at (303) 877-0415. Ready to get started? Apply Here.

When you are overwhelmed with all the choices, it may seem like there are even more loan programs than applicants! Call us at (303) 877-0415 and we will help you qualify for the right refinance program to fit your needs. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you begin your decision process.

Lowering Your Payments

Are getting better mortgage payments and an improved rate your main refinance goals? If so, getting a low, fixed-rate loan may be a good choice for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies : an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. This kind of loan is especially a wise choice if you don't think you'll be moving within the next 5 years or so. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower payments.

Getting Out some Cash

Is your refinance goal mainly to "cash out" some home equity? Perhaps you're planning a special vacation; you have to pay tuition for your college-bound child; or you are updating your kitchen. Then you'll want to qualify for a loan for more than the balance remaining of your present mortgage loan.In this case, you'll want 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 increasing your mortgage payment.

Consolidating Your Debt

Perhaps you hope to cash out some equity in your home (cash out) to use toward other debt. If you have the equity in your home to make it work, taking care of other high interest debt (like credit cards, home equity loans, or car loans) means you can possible save several hundred dollars in your budget each month.

Switching to a Shorter Term Loan

Are you planning to fatten up your equity faster, and get your mortgage paid off sooner? If this is your goal, the refinance mortgage can change you to a mortgage loan program with a short, such as a 15 year loan. Even though your mortgage payments will likely be more, you can save on interest; so your equity will build up faster. However, if you have had your current 30 year mortgage for a number of years and the loan balance is rather low, you might be able to do this without raising your monthly payment — you could even be able to save! To help you understand your options and the multiple benefits in refinancing, please contact us at (303) 877-0415. We can help you reach your goals!

Curious about refinancing? Call us: (303) 877-0415.

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