Which Refinancing Program is Right for You?

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There are a huge number of refinancing programs available to borrowers. Call us at 661-489-LEND (5363) and we will work with you to qualify you for the right loan program to fit your situation. What are your goals for your refinance loan? Keeping in mind the following will help you narrow your choices.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the ideal choice for you. Maybe you are now in a mortgage with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your mortgage loan, even when interest rates rise. If you aren't planning on moving in the near future (about five years), a fixed rate mortgage loan can especially be a wise loan option. On the other hand, if you do see yourself moving within several years, an adjustable rate mortgage with a low initial rate might be the ideal way to lower your monthly payments. Refinancing may also cause your total finance charges to be higher over the life of the loan.

Refinancing to Cash Outon Your Equity

Are you refinancing primarily to "cash out" some home equity? Your house needs updating; your son has been accepted to college and needs tuition; or you are taking your family on a cruise. With this in mind, you'll want to apply for a loan above the balance remaining on your current mortgage loan.Then you'll want to find a loan for a bigger amount than the balance remaining on your current mortgage loan. If you've had your current mortgage for quite a while and/or have a mortgage whose interest rate is high, you might\could be able to do this without making your mortgage payment higher.

Consolidating Debt

Do you have other debt, perhaps with higher interest, that you want to consolidate? If you own some higher interest debts (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate with your refinance, if you have enough home equity.

Paying it off Faster

Are you hoping to fatten up your equity faster, and pay your mortgage loan off sooner? If this is your wish, the refinance loan can switch you to a mortgage program with a shorter term, like a 15 year loan. Even though your mortgage payment amount will likely be increased, you will be paying less interest; so your equity will build up faster. However, if you've held your current thirty-year mortgage for a number of years and the remaining balance is relatively low, you could be do this without increasing your monthly mortgage payment — you could even be able to save! To help you figure out your options and the many benefits in refinancing, please call us at 661-489-LEND (5363). We are here to help you reach your goals!

Curious about refinancing? Call us at 661-489-LEND (5363).

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