Which Refinancing Option is Right for You?

There are an enormous number of refinancing options available to borrowers. Contact us at 7202537070 and we will help you qualify for the perfect refinance program to fit your financial needs. What are your reasons for refinancing? Considering in mind the information below will help you narrow your choices.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the right option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when rates rise later, unlike with your ARM, when you close a mortgage with a fixed rate, you set the low interest rate for the term of your loan. If you are planning to live in your home for about five more years, a fixed-rate loan may be a particulary good option for you. However, an ARM with a initial low payment could be a smarter way to lower your monthly payments if you see yourself moving in the next few years.

Refinancing to Cash Out

Is "cashing out" your primary reason for refinancing? Perhaps you need to pay for home improvements, pay your child's college tuition bill, or take your dream vacation. With this in mind, you need to find a loan higher than the remaining balance of your existing mortgage loan.Then you want to find a loan for a bigger number than the balance remaining on your current mortgage. You may not have an increase in your mortgage payemnt, though, if you've had your current mortgage loan for a while, and/or your interest rate is high.

Consolidating Your Debt

Do you have other debt, maybe with higher interest, that you need to consolidate? If you hold any debt with steep interest (like 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 equity.

Building up Equity Faster

Are you wanting to fatten up your home equity faster, and get your mortgage paid off more quickly? If this is your plan, the refinance mortgage can move you to a mortgage loan program with a shorter term, like a 15 year loan. The mortgage payments will probably be more than they were with a long-term mortgage loan, but in exchange, you will pay quite a bit less interest and can build up equity quicker. But, you might be able to switch without a higher monthly payment if your long term mortgage was closed a while back, and the balance remaining is low. You may even pay less! To help you figure out your options and the many benefits of refinancing, please call us at 7202537070. We are here for you.

Curious about refinancing? Call us: 7202537070.


Front Range Lending

Regulated by the Colorado Division of Real Estate
Colorado LMB #100008129 NMLS #377111

Sierra Ridge Dr.
Parker, CO 80134