Choosing a Refinancing Option

	Searching for mortgage advice? We'll be glad to talk about our mortgage offerings! Call us at 303-931-7879. Want to get started? Apply Now.

There aren't as many refinance loan options as there are borrowers, but it seems like it at times! Contact us at 303-931-7879 and we will match you with the refinance program that fits you best. In order to review your options, you will need to list what you want to achieve with your refinance.

Making Your Payments Lower

Are getting lower monthly payments and an improved rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the ideal option for you. Maybe you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate varies. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your mortgage, even as interest rates rise. If you are expecting to live in your home for about five more years, a fixed rate mortgage may be a particularly good option for you. However, an ARM with a low initial payment may be a better way to lower your payments if you plan on moving within the near future.

Refinancing to Cash Out

Is "cashing out" your main reason for your refinance? Perhaps you're planning a special vacation; you have to pay tuition for your college-bound child; or you plan to renovate your home. With this in mind, you will need to look for a loan for more than the remaining balance on your current mortgage loan.With this goal, you will You'll need to get a loan for a bigger amount than the remaining balance on your current home loan in that case. If you've had your existing mortgage loan 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.

Debt Consolidation

Do you have other debt, maybe with higher interest, that you need to consolidate? If you have the equity in your home to make it work, paying off other debt with higher interest than the rate on your mortgage (for example: credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars per month.

Building up Equity More Quickly

Are you dreaming of paying off your loan sooner, while building up your equity more quickly? If this is your plan, the refinance loan can move you to a mortgage program with a short, for example: a 15 year loan. Although your mortgage payment amount will likely be increased, you will save on interest; so your home equity will build up faster. On the other hand, if your current longer term mortgage has a low remaining balance, and was closed a number of years ago, you could be able to make the change without paying more each month. To help you determine your options and the multiple benefits of refinancing, please contact us at 303-931-7879. We are here for you.

Curious about refinancing your home? Call us at 303-931-7879.