Refinancing: Which Loan Program is for You?

Shopping for a mortgage in Chandler Arizona? We'd be happy to answer your questions about your mortgage needs! Give us a call today at 480-390-4995. 

Although it seems like it at times, there aren't as many loan options as there are applicants! Call us at 480-390-4995 and we can match you with the refinance loan program that best fits you. There are some general questions to ask yourself as you look at your options.

Reducing Your Monthly Payments in Chandler

Is your refinance primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan could be a good choice for you. Maybe you are now in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. If you are planning to stay in your home for about five more years, a loan with a fixed rate may be an especially good choice for you. However, an ARM with a initial low payment could be a wiser way to reduce your monthly payments if you expect to move in the near future. As a result of refinancing, your total finance charges can be higher over the life of the loan.

Getting Out Some Cash

Are you hoping to cash out some of your home equity with your refinance? It could be you need to pay for home improvements, take care of your college kid's tuition, or take your family on a dream vacation. So you want to get a loan for more than the balance remaining of your present mortgage.So you want If you've had your current mortgage for quite a while and/or have a mortgage with high interest, you may be able to do this without increasing your monthly payment.

Consolidating Your Debt

Do you want to pull out some of your home equity to consolidate other debt? Yes you can! If you have enough home equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) may be able to save you a chunk of cash each month.

Paying it off Sooner

Do you want to build up equity more quickly, and have your mortgage paid off more quickly? If this is your hope, the refinance can move you to a loan program with a short, for example: a 15 year loan. Even though your mortgage payment amount will likely be increased, you can be paying less interest; so your equity will rise up faster. But, you may be able to switch without a higher monthly mortgage payment if your longer term mortgage was closed a while ago, and the remaining balance is small. You may even pay less! To help you figure out your options and the numerous benefits in refinancing, please call us at 480-390-4995. We are here for you.

Curious about refinancing? Give us a call: 480-390-4995.

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