WHICH REFINANCING OPTION IS RIGHT FOR YOU?
Even though it may seem like it sometimes, there are not as many loan options as there are borrowers! We can help you select the loan program that will fit your situation the best. There are several questions to ask yourself as you review your options.
there Making Your Payments Lower Are you refinancing primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan could be a wise choice for you. Maybe you now have a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — with which the interest rate can vary. Even when 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 an especially good option for you. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower monthly payments. Getting Out some Cash Is "cashing out" your main purpose for refinancing? Your house needs renovating; your son has gone to college and needs tuition money; or you are planning a special vacation. With this in mind, you'll want to qualify for a loan above the remaining balance on your current mortgage.With this goal, you need If you've had your existing mortgage loan for quite a while and/or have a loan with high interest, you may be able to do this without increasing your monthly payment. Do you want to cash out some equity to consolidate additional debt? Good plan! If you own some debt with steep interest (such as credit cards or car loans), you may be able to take care of that debt with a loan with a lower rate through your refinance, if you have enough home equity. |
Paying it off Faster
Are you dreaming of paying off your loan faster, while building up your home equity more quickly? Then, you need to find out about refinancing to a short term mortgage - such as a fifteen-year loan. The monthly payments will likely be more than they were with a longer term mortgage loan, but the pay-off is: that you will pay substantially less interest and will build up equity quicker. But, you may be able to make the change without much increase in your monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the remaining balance is low. You may even make it lower! To help you determine your options and the many benefits in refinancing. We are here to help you reach your goals! |
Looking for mortgage advice?
We'll be glad to answer your questions about
your mortgage options!
Give us a call today at (925) 998-2964 or
E-mail:
HomesandLoansCA@gmail.com
Golden Pacific Home Loans
111 Deerwood Dr Suite 200 San Ramon, CA 94583
CA BRE# 01918049 NMLS# 967683
We'll be glad to answer your questions about
your mortgage options!
Give us a call today at (925) 998-2964 or
E-mail:
HomesandLoansCA@gmail.com
Golden Pacific Home Loans
111 Deerwood Dr Suite 200 San Ramon, CA 94583
CA BRE# 01918049 NMLS# 967683
Click to set custom HTML