Refinancing: Which Program is for Your Family?

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When you are overwhelmed with all the options, it may seem like there are even more refinance loan programs than borrowers! We can help you select the refinance program that will fit your situation the best. Contact us at 720-253-7070 to begin the process. In the interest of looking at your choices, you need to think about your goals for your refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, 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 might want to refinance. Even if interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is particularly a good option if you don't think you'll be selling your home within the next five years or so. However, if you do see yourself selling your home before too long, an ARM mortgage with a low initial rate may be the ideal way to reduce your monthly payments. By refinancing your existing loan, your total finance charges could be higher over the life of the loan.

Getting Out Some Cash

Are you hoping to cash out some of your equity in your refinance? It could be you need to pay for home improvements, take care of your college kid's tuition, or take your dream vacation. With this in mind, you'll want to get a loan above the balance remaining of your current mortgage.Then you You will need to qualify for a loan for a bigger amount than the remaining balance with your existing mortgage in this case. However, if your loan interest rate is currently high and you have held it for quite a few years, you may be able to achieve your goals without making your monthly payments higher.

Consolidating Your Debt

Do you want to cash out some equity to consolidate other debt? Good plan! If you hold some higher interest debts (like credit cards or vehicle loans), you might be able to take care of that debt with a loan with a lower rate through your refinance, if you have the right amount of equity.

Paying it off Sooner

Do you hope to build up equity quicker, and have your mortgage paid off faster? If this is your plan, your refinance loan can change you to a loan program with a shorter term, for example: a 15 year loan. You will be paying less interest and increasing your equity more quickly, although your mortgage payments will usually be bigger than you have been paying. However, if you've held your existing 30 year mortgage loan for a number of years and the loan balance is rather low, you might be do this without increasing your monthly payment — it's even possible to save! To help you determine your options and the many benefits in refinancing, please contact us at 720-253-7070. We will help you reach your goals!

Curious about refinancing? Call us: 720-253-7070.