Choosing a Refinancing Loan
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The number of refinance options available can be overwhelming. Call us at 425-392-2295 and we can match you with the loan program that best fits you. In order to review your options, you can determine what you want to achieve with your refinance.
Lowering Your Payments
Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan could be a wise choice for you. Maybe you are currently in a loan with a high, fixed interest rate, or a mortgage in which the interest rate varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of the loan, even as interest rates rise. If you expect to stay in your home for about five more years, a fixed rate mortgage may be an especially good fit for you. However, if you can see yourself selling your home in the near future, an adjustable rate mortgage with a small initial rate might be the best way to reduce your monthly payments.
Refinancing to Cash Out
Are you wanting to cash out some of your equity with your refinance? Perhaps you're going on a much needed vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. So you need to look for a loan above the balance remaining of your present mortgage.In this case, you need You may not have an increase in your mortgage payment, though, if you've had your existing mortgage for a while, and/or your interest rate is high.
Consolidating Your Debt
Do you have other debt, perhaps with a higher interest rate, that you want to consolidate? If you own any higher interest debts (such as credit cards or car loans), you might be able to pay that debt off with a lower rate loan with your refinance, if you have the equity built up to make it work.
Getting a Shorter Term Loan
Are you wanting to fatten your equity faster, and pay off your mortgage more quickly? If this is your hope, the refinance mortgage can change you to a mortgage program with a shorter term, like a 15 year loan. Your monthly payments will probably be higher than with a long-term loan, but in exchange, that you will pay considerably less interest and can build up equity more quickly. However, if you've had your current thirty-year mortgage for a number of years and the loan balance is rather low, you may be able to do this without increasing your mortgage payment — you might even be able to save! To help you understand your options and the numerous benefits in refinancing, please call us at 425-392-2295. We will help you reach your goals!
Curious about refinancing your home? Give us a call: 425-392-2295.