Selecting a Refinancing Option

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Although it may seem like it at times, there are not as many refinance options as there are applicants! Contact us at (651) 209-2900 and we will match you with the refinance program that fits you best. In the interest of looking at your choices, you can determine your goals for your refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan might be a good option for you. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the life of your mortgage, even if interest rates rise. If you are not planning on moving in the near future (about five years), a fixed-rate mortgage can particularly be a great loan option. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Getting Out Some Cash

Are you planning to cash out some of your home equity with your refinance? It could be you want to make home improvements, pay your child's college tuition bill, or go on a special family vacation. With this in mind, you will need to find a loan higher than the balance remaining of your existing mortgage.Then you want If you've had your current mortgage for quite a while and/or have a mortgage loan whose interest rate is high, you may be able to do this without increasing your monthly payment.

Consolidating Your Debt

Maybe you'd like to cash out a portion of the equity (cash out) to use toward other debt. If you have built up some equity, taking care of other debt with higher interest that your home loan (credit cards or home equity loans, for example) might help save you a chunk of money each month.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off sooner, while beefing up your equity quicker? In that case, you'll need to look into refinancing to a short term mortgage loan - such as a fifteen-year mortgage loan. The monthly payments will probably be more than they were with a long-term loan, but in exchange, that you will pay quite a bit less interest and will build up equity quicker. Conversely, if your existing longer term loan has a low remaining balance, and was closed a number of years ago, you may be able to make the switch without paying more each month. To help you determine your options and the many benefits in refinancing, please contact us at (651) 209-2900. We are here for you.

Curious about refinancing? Call us at (651) 209-2900.