Selecting a Refinancing Option

There are an enormous number of refinancing options available to borrowers. Contact us at 480-463-4357 and we will help you qualify for the perfect refinance loan for your financial situation. There are some general questions to ask yourself while you look at the choices.

Reducing Your Monthly Payments

Are getting better payments and an improved rate your main reasons for refinancing? If so, getting a low, fixed-rate loan might be a good option for you. Maybe you currently have a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — in which the interest rate can vary. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your loan, even if interest rates rise. This can be particularly a good choice if you don't expect to move within the next 5 years or so. However, an ARM with a initial low payment may be a smarter way to reduce your payments if you see yourself moving in the next few years.

Refinancing to Cash Out

Are you planning to cash out some of your equity with your refinance? Maybe you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. With this in mind, you'll need to get a loan for more than the remaining balance of your current mortgage loan.In this case, you'll need If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.

Consolidating Your Debt

Do you want to cash out some of your home equity to consolidate additional debt? Yes you can! If you have any debt with high interest (like credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have enough equity.

Building up Equity More Quickly

Are you dreaming of paying off your loan more quickly, while beefing up your equity faster? You should consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. You will be paying less interest and increasing your equity more quickly, although your payments will usually be bigger than they were. On the other hand, if your existing longer term mortgage has a small remaining balance, and was closed a while ago, you might be able to make the change without paying more each month. To help you understand your options and the many benefits of refinancing, please call us at 480-463-4357. We can help you reach your goals!

Curious about refinancing your home? Give us a call: 480-463-4357.

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