Which Refinancing Program is Right for You?

Are you looking for a new mortgage loan? We will be glad to help! Call us at 970-625-8686. Want to get started? Apply Now.

The number of refinance options available is truly breathtaking. Call us at 970-625-8686 and we will help you qualify for the perfect loan program to fit your financial situation. There are some general questions to ask yourself as you look at the choices.

Making Your Payments Lower

Are achieving reduced mortgage payments and a lower rate your main reasons for refinancing? Then a good choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even if interest rates rise, a fixed rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you expect to live in your home for about five more years, a loan with a fixed rate may be an especially good option for you. However, an ARM with a low initial payment could be a wiser way to reduce your payments if you expect to move in the next few years. As a result of refinancing, your total finance charges may be higher over the life of the loan.

Refinancing to Cash Out

Are you wanting to cash out some of your equity in your refinance? Your home needs improvements; your daughter has been accepted to University and needs tuition money; or you are planning a special vacation. So you will need to qualify for a loan above the remaining balance of your present mortgage loan.In that case, you will want However, if your loan interest rate is high now and you've held it for quite a few years, you may be able to achieve your goals without making your mortgage payments higher.

Consolidating Debt

Do you want to cash out some equity to consolidate other debt? Yes you can! If you hold some higher interest debts (such as credit cards or vehicle loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have enough home equity.

Paying it off Sooner

Are you wanting to fatten up your home equity faster, and get your mortgage paid off more quickly? If this is your plan, your refinance can move you to a mortgage loan program with a short, such as a 15 year loan. You will be paying less interest and increasing your equity more quickly, although your mortgage payments will usually be bigger than they were. But, you may be able to switch without a higher monthly mortgage payment if your longer term mortgage loan was closed a while back, and the balance remaining is somewhat low. You could even pay less! To help you determine your options and the numerous benefits of refinancing, please contact us at 970-625-8686. We would love to help you reach your goals!

Curious about refinancing your home? Give us a call at 970-625-8686.

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