Refinancing: Which Program is for You?

There are not as many refinance loan options as there are borrowers, but it feels like it sometimes! Contact us at 206-920-1112 and we will match you with the refinance loan program that is best for your needs. What do you hope to achieve with refinancing? Considering in mind the following will help you begin your decision process.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan might be a wise option for you. Perhaps you currently have a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — in which the interest rate varies. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your loan, even when interest rates rise. If you are planning to stay in your home for about five more years, a fixed-rate loan may be an especially good choice for you. However, an ARM with a low intitial payment may be a smarter way to reduce your mortgage payments if you expect to move in the next few years.

Getting Out some Cash

Is your refinance goal primarily to pull out some home equity for an infusion of cash? Your house needs renovating; your daughter has gone to college and needs tuition money; or you are taking your family on a cruise. With this in mind, you want to find a loan for more than the remaining balance on your present mortgage.So you want to need to get a loan program for a higher number than the remaining balance on your existing mortgage. However, if your interest rate is high now and you've had it for a long time, you may be able to accomplish your goals without making your mortgage payments higher.

Debt Consolidation

Do you hold other debt, perhaps with higher interest, that you need to consolidate? If you have any debt with higher interest (like credit cards or vehicle loans), you may be able to take care of that debt with a loan with a lower rate with your refinance, if you have the equity built up to make it work.

Paying it off Faster

Are you hoping to fatten up your home equity faster, and get your mortgage paid off more quickly? You should consider refinancing to a short-term loan, like a 15-year mortgage. Even though your mortgage payment amount will probably be increased, you will be paying less interest; so your home equity will rise up faster. However, if you have held your existing thirty year mortgage for a long time and the remaining balance is relatively low, you could be do this without increasing your monthly payment — you may even be able to save! To help you determine your options and the many benefits of refinancing, please call us at 206-920-1112. We are here to help you reach your goals!

Curious about refinancing your home? Call us: 206-920-1112.

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Edward P. Mortimer Jr

MLO # 112693 | Broker License # 110065

7109 114th Ave SE
Newcastle, WA 98056