Refinancing: Which Program is for You?

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Even though it seems like it at times, there are not as many refinance choices as there are applicants! Call us at 775-829-2070 ext 8007 and we can match you with the loan program that fits you best. What do you hope to achieve with refinancing? Considering in mind the following will help you begin your decision process.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the best choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of the mortgage, even if interest rates rise. If you aren't planning on moving in the near future (about 5 years), a fixed-rate mortgage can particularly be a wise choice. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced monthly payments.

Refinancing to Cash Out

Is "cashing out" your primary reason for your refinance? Perhaps you're planning a special vacation; you need to pay tuition for your college-bound child; or you are updating your kitchen. With this in mind, you will want to qualify for a loan for more than the remaining balance of your present mortgage.Then you'll want You might not increase your monthly payemnt, however, if you have had your existing loan for a while, and/or your loan interest rate is high.

Debt Consolidation

Maybe you'd like to pull out some of the home equity (cash out) to use toward other debt. If you hold any debt with high interest (like credit cards or car loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have enough home equity.

Paying it off Faster

Do you hope to build up home equity more quickly, and have your mortgage paid off more quickly? Consider refinancing to a short-term loan, such as a 15-year mortgage loan. You will be paying less interest and growing your home equity more quickly, although your mortgage payments will usually be bigger than they were. On the other hand, if your existing longer term loan has a low balance remaining, and was closed a while ago, you might be able to make the switch without paying more each month. To help you understand your options and the numerous benefits in refinancing, please call us at 775-829-2070 ext 8007. We will help you reach your goals!

Want to know more about refinancing your home? Call us at 775-829-2070 ext 8007.