Which Refinancing Program is Right for You?


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There are a huge number of refinancing programs available to borrowers. We can guide you to select the loan program that will fit your financial situation the best. Contact us at 719-638-0531 to begin the process. There are some general things to have in mind while you look at the choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan might be a good choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Even if rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you set the low interest rate for the life of your loan. If you plan to live in your home for at least five more years, a fixed rate loan may be a particularly good fit for you. However, an ARM with a low initial payment could be a better way to reduce your monthly payments if you see yourself moving in the near future.

Cashing Out

Is "cashing out" your main reason for your refinance? Your house needs updating; your daughter has gone to college and needs tuition; or you have a special family vacation planned. With this in mind, you will want to look for a loan above the balance remaining of your current mortgage.So you need 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 monthly payments increase.

Debt Consolidation

Do you have other debt, maybe with higher interest, that you need to consolidate? If you own some debt with higher interest (like credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate through your refinance, if you have the right amount of home equity.

Building up Equity Faster

Do you plan to build up home equity quicker, and have your mortgage paid off sooner? Then, you want to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. You will be paying less interest and increasing your equity more quickly, even though your mortgage payments will generally be bigger than you were paying. On the other hand, if your current long-term mortgage loan has a low remaining balance, and was closed a number of years ago, you may even be able to make the switch without paying more each month. To help you understand your options and the many benefits in refinancing, please call us at 719-638-0531. We will help you reach your goals!