Refinancing: Which Program is for You?

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Reducing Your Monthly Payments

Is your refinance primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan could be a wise choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Even if rates rise later, unlike with your ARM, when you close a fixed-rate mortgage, you lock in the low-interest rate for the life of your loan. This kind of loan can be especially a wise option if you don't think you will move within the next five years or so. But if you do expect to sell your home more quickly, you will need to consider an ARM with a low initial rate to get lower payments. Due to refinancing, your total finance charges can be higher over the life of the loan.

Cashing Out

Are you planning to cash out some of your equity in your refinance? Your home needs updating; your son has gone to college and needs tuition; or you have a special family vacation planned. In this case, you'll want to look for a loan higher than the balance remaining on your existing mortgage loan. So you'll want to qualify for a loan program for a bigger amount than the remaining balance on your existing mortgage. However, if your loan interest rate is high now and you have held it for quite a few years, you could be able to accomplish your goals without an increase in your mortgage payment.

Consolidating Debt

Maybe you hope to pull out some of the home equity (cash out) to use toward other debt. If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (like car loans, credit cards, student loans, or home equity loans) means you may be able to save hundreds of dollars in your budget each month.

Getting a Shorter Term Loan

Are you hoping to fatten up your equity faster, and pay your mortgage loan off sooner? You should consider refinancing to a short-term loan, often a 15-year mortgage loan. You will be paying less interest and increasing your equity more quickly, even though your payments will generally be bigger than you were paying. However, if you've had your current 30-year loan for a number of years and the remaining balance is somewhat low, you might be do this without increasing your monthly mortgage payment — it's even possible to save! To help you figure out your options and the many benefits of refinancing, please call us at (619) 825-9560. We are here for you.

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