Selecting a Refinancing Program

The number of refinance options available to borrowers can be overwhelming. We can help you locate the refinance loan program that will fit your financial situation the best. Call us at (510) 683-9850 to get started. There are some general questions to ask yourself while you look at the choices.

Making Your Payments Lower

Are getting better payments and a lower rate your main refinance goals? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even when interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. If you aren't planning a move in the near future (about five years), a fixed rate mortgage loan can particularly be a wise loan option. However, if you do see yourself selling your home in the near future, an adjustable rate mortgage with a small initial rate might be the ideal way to reduce your monthly payments.

Cashing Out

Are you hoping to cash out some of your equity with your refinance? Maybe you're going on a much needed vacation; you have to pay college tuition for your child; or you are updating your kitchen. With this in mind, you'll want to get a loan for more than the balance remaining on your existing mortgage.So you will want You might not have an increase in your mortgage payemnt, however, if you have had your current mortgage loan for a while, and/or your interest rate is high.

Consolidating Your Debt

Do you want to cash out some home equity to consolidate other debt? Great idea! If you have enough equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may help save you a lot of money every month.

Building up Equity More Quickly

Are you dreaming of paying off your loan more quickly, while beefing up your equity quicker? You should consider refinancing to a shorterterm loan, often a 15-year mortgage loan. Although your monthly payment amount will likely be more, you will save on interest; so your home equity will rise up faster. But, you may be able to make the change without a higher monthly payment if your long term loan was closed a while back, and the remaining balance is small. You may even pay less! To help you understand your options and the numerous benefits of refinancing, please call us at (510) 683-9850. We would love to help you reach your goals!

Want to know more about refinancing? Call us at (510) 683-9850.

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