Which Refinancing Loan Program is Best for You?

Even though it seems like it at times, there aren't as many refinance loan programs as there are borrowers! Call us at (808) 935-0678 and we will match you with the refinance loan program that is best for your needs. There are several things to have in mind while you review the options.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the best choice for you. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage loan will 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 fixed rate loan may be a particulary good option for you. On the other hand, if you do see yourself selling your home in the near future, an ARM mortgage with a small initial rate might be the best way to bring down your monthly payment.

Refinancing to Cash Out

Is "cashing out" your main purpose for refinancing? Maybe you're going on a much needed vacation; you need to pay college tuition for your child; or you are planning some home improvements. So you will need to get a loan above the balance remaining on your existing mortgage.Then you want However, if your loan interest rate is currently high and you've had it for a long time, you could be able to accomplish your goals without making your monthly payments higher.

Consolidating Your Debt

Maybe you'd like to pull out some equity (cash out) to use toward other debt. If you have the home equity for it, taking care of other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars per month.

Getting a Shorter Term Loan

Are you dreaming of paying off your loan sooner, while beefing up your equity more quickly? You should consider refinancing to a shorterterm loan, like a 15-year mortgage loan. You will be paying less interest and growing your equity more quickly, even though your payments will generally be higher than you were paying. But, you may be able to switch without a higher monthly payment if your longer term mortgage was closed a while ago, and the remaining balance is low enough. You could even make it lower! To help you determine your options and the multiple benefits of refinancing, please call us at (808) 935-0678. We are here for you.

Want to know more about refinancing? Call us at (808) 935-0678.

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