Choosing a Refinancing Program

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There are a huge number of refinancing programs available to borrowers. Call us at 360-576-1920 and we will match you with the loan program that fits you best. There are some general questions to ask yourself while you consider your choices.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan might be a good option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your mortgage loan, even as interest rates rise. This kind of loan is particularly a good idea if you don't think you'll be selling your home within the next 5 years or so. However, if you do see yourself moving before too long, an ARM with a small initial rate could be the ideal way to reduce your monthly payments. By refinancing your existing mortgage, your total finance charges could be higher over the life of the loan.

Getting Out Some Cash

Is your refinance goal primarily to "cash out" some home equity? It could be you're planning a special vacation; you have to pay college tuition for your child; or you plan to renovate your home. In this case, you will need to qualify for a loan higher than the remaining balance of your existing mortgage loan.In this case, you want to find a loan for a bigger number than the balance remaining on your current mortgage loan. However, if your mortgage rate is currently high and you have held it for a long time, you could be able to achieve your goals without making your mortgage payments bigger.

Consolidating Your Debt

Do you want to pull out a portion of your equity to consolidate other debt? Yes you can! If you have a fair amount of home equity, taking care of other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) may help save you a chunk of cash each month.

Building up Equity More Quickly

Are you hoping to fatten up your home equity faster, and pay off your mortgage loan more quickly? In that case, you'll need to look into refinancing to a short term mortgage - such as a fifteen-year mortgage loan. You will be paying less interest and growing your home equity more quickly, although your mortgage payments will likely be bigger than they were. However, if you've had your existing thirty-year mortgage for a number of years and the remaining balance is rather low, you could be do this without increasing your mortgage payment — you might even be able to save! To help you understand your options and the multiple benefits of refinancing, please contact us at 360-576-1920. We are here to help you reach your goals!

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