Choosing a Refinancing Option

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The number of refinance options available to borrowers is truly breathtaking. We can help you locate the refinance loan program that can fit your needs the best. Contact us at 303-471-4445 to get started. There are some general questions to ask yourself as you consider your choices.

Lowering Your Payments

Are getting reduced payments and an improved rate your main refinance goals? If so, a good choice may be a low fixed-rate loan. Maybe you are presently in a mortgage with a high, fixed interest rate, or a mortgage with which the rate of interest 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 mortgage loan, even as interest rates rise. If you are not planning on moving in the near future (about five years), a fixed rate mortgage loan can especially be a wise choice. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower payments.

Getting Out some Cash

Is "cashing out" your main reason for your refinance? It could be you want to make home improvements, pay your child's college tuition bill, or go on a an Alaskan cruise. With this in mind, you will need to get a loan above the remaining balance on your current mortgage loan.With this goal, you will need If you've had your current mortgage for a number of years and/or have a mortgage loan with high interest, you might\could be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Do you want to pull out some equity to consolidate other debt? Yes you can! If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars in your monthly budget.

Getting a Shorter Term Loan

Are you dreaming of paying off your loan faster, while beefing up your home equity more quickly? Consider refinancing with a shorterterm loan, often a 15-year mortgage. Even though your monthly payment amount will probably be more, you will save on interest; so your equity will rise up faster. On the other hand, if your current long-term loan has a small balance remaining, and was closed a number of years ago, you could be able to make the move without paying more each month. To help you figure out your options and the many benefits in refinancing, please call us at 303-471-4445. We can help you reach your goals!

Curious about refinancing your home? Call us at 303-471-4445.