Refinancing: Which Loan Program is for Your Family?

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There aren't as many refinance loan options as there are borrowers, but sometimes it feels like it! Contact us at 801.999.0493 and we'll work with you to qualify you for the best refinance loan program for your needs. In the interest of looking at your choices, you need to think about what you want to achieve with your refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even when interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. If you are not expecting to move in the near future (about 5 years), a fixed-rate mortgage can particularly be a good option. On the other hand, if you do see yourself moving in the near future, an adjustable rate mortgage with a small initial rate may be the best way to lower your monthly payments. Refinancing can also cause your total finance charges to be higher over the life of the loan.

Cashing Out

Are you wanting to cash out some of your home equity with your refinance? Perhaps you need to update your kitchen, pay your child's college tuition bill, or go on a special family vacation. In this case, you want to look for a loan above the balance remaining of your current mortgage.Then you will want to qualify for a loan for a bigger number than the remaining balance on your present mortgage. However, if your interest rate is currently high and you have held it for quite a few years, you may be able to accomplish your goals without making your mortgage payments increase.

Consolidating Your Debt

Maybe you want to cash out some equity in your home (cash out) to use toward other debt. If you have the home equity for it, 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 can save possibly several hundred dollars per month.

Paying it off Faster

Are you planning to fatten your equity faster, and get your mortgage paid off more quickly? Consider refinancing with a short-term loan, such as a 15-year mortgage. You will be paying less interest and increasing your equity more quickly, even though your monthly payments will generally be bigger than you have been paying. However, if you've had your current thirty-year mortgage loan for a long time and the remaining balance is relatively low, you may be do this without raising your monthly payment — it's even possible to save! To help you understand your options and the many benefits in refinancing, please call us at 801.999.0493. We will help you reach your goals!

Curious about refinancing? Give us a call at 801.999.0493.

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