Which Refinancing Loan Program is Best for You?

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The number of refinance options available to borrowers is truly breathtaking. We can guide you to locate the refinance program that will fit your situation the best. Call us at (844) LEND-USA to get started. There are several questions to ask yourself as you look at the options.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan could be a good choice for you. Perhaps you currently have a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — with which the interest rate can vary. Even as interest rates rise, a fixed-rate mortgage will stay at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for at least five more years, a fixed-rate loan may be a particularly good option for you. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower monthly payments.

Refinancing to Cash Out

Are you refinancing primarily to "cash out" some home equity? Perhaps you want to make home improvements, take care of your college kid's tuition, or go on a dream vacation. In this case, you will need to get a loan for more than the remaining balance of your current mortgage loan.In this case, you'll You'll be looking for a loan for a bigger amount than the balance remaining on your current home loan in this case. You may not increase your mortgage payment, though, if you've had your current mortgage for a while, and/or your interest rate is high.

Consolidating Debt

Perhaps you'd like to cash out a portion of the equity in your home (cash out) to put toward other debt. If you have any debt with high interest (like credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have enough equity.

Paying it off Faster

Are you dreaming of paying off your loan faster, while beefing up your home equity more quickly? If this is your hope, the refinance loan can move you to a mortgage program with a short, for example: a 15 year loan. Although your monthly payment amount will likely be more, you will save on interest; so your equity will build up faster. But, you might be able to switch without much increase in your monthly mortgage payment if your longer term loan was closed a while ago, and the balance remaining is somewhat low. You could even make it lower! To help you understand your options and the numerous benefits in refinancing, please contact us at (844) LEND-USA. We can help you reach your goals!

Want to know more about refinancing? Call Andrew Del Rey or Todd Avakian at (888) 888-1172.