Reasons for refinancing...

There aren't as many refinance loan programs as there are applicants, but at times it feels like it! Contact us at 805-636-9222 and we'll work with you to qualify you for the right loan program to fit your needs. In order to review your options, you can list your goals for your refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, the best option could be a low fixed-rate loan. Perhaps you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — in which the interest rate varies. Even if rates come up later, unlike with your ARM, when you close a fixed rate mortgage, you set that low rate for the term of your loan. If you plan to live in your home for about five more years, a fixed rate loan may be an especially good option for you. However, an ARM with a low intitial payment may be a better way to reduce your mortgage payments if you expect to move within the near future.

Refinancing to Cash Out

Is "cashing out" your primary purpose for refinancing? Perhaps you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you plan to renovate your home. Then you'll need to get a loan above the remaining balance on your current mortgage.Then you want However, if your interest rate is currently high and you have held it for a long time, you could be able to reach your goals without making your mortgage payments rise.

Debt Consolidation

Do you hold other debt, perhaps with high interest, that you need to consolidate? If you have built up some home equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could be able to save you a chunk of cash every month.

Getting a Shorter Term Loan

Are you dreaming of paying off your loan sooner, while beefing up your equity faster? You should consider refinancing with a shorter term loan, often a 15-year mortgage loan. The monthly payments will likely be higher than with a long-term loan, but the pay-off is: you will pay quite a bit less interest and can build up equity more quickly. However, if you've held your current 30-year mortgage for a long time and the remaining balance is somewhat low, you may be do this without increasing your monthly payment — it's even possible to save! To help you figure out your options and the numerous benefits in refinancing, please call us at 805-636-9222. We are here to help you reach your goals!

Curious about refinancing your home? Call us: 805-636-9222.