Selecting a Refinancing Option
Want to lower your monthly payment?
Need to eliminate consumer debt?
Need cash for home improvements or funds to pay for tuition?
Take a look at the "loan types" tab to the left to see your options.
Send me your refinance scenario by clicking here.
Looking to lower your monthly payment?
Looking to do some home improvements and need to pull out equity out of your home to do fund the project? Just know it may not matter if you just bought your home recently, there are possible loan options that can help you.
Maybe you're looking to pull out equity out of your home in the form of cash to consolidate debt or pay for school tuition.
You do have several loan options to fit your financial situation.
Reducing Your Monthly Payments
Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the right option for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. This can be particularly a wise choice if you don't think you'll be moving within the next 5 years or so. On the other hand, if you do see yourself moving before too long, an ARM mortgage with a low initial rate may be the ideal way to bring down your monthly payment. I can work the numbers for you to help you make the best decision for your scenario, one size doesn't fit all!
Is "cashing out" your main reason for your refinance? Your home needs improvements; your daughter has gone to college and needs tuition; or you are taking your family on a cruise. With this in mind, you will need to qualify for a loan higher than the remaining balance of your existing mortgage loan.With this goal, you'll need to find a loan for more than the balance remaining of your existing mortgage loan in that case. However, if your interest rate is higher now and you have held it for a long time, you could be able to achieve your goals without an increase in your mortgage payment by spreading out the remaining balance back out over 30 years.
Do you want to pull out a portion of your equity to consolidate other debt? Great idea! If you own some higher interest debts (such as 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 home equity.
Want to know more about refinancing your home?
Give me a call at 800-506-0632