Selecting a Refinancing Program

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Even though it may seem like it sometimes, there are not as many refinance options as there are applicants! Contact us at 503-243-5626 and we will work with you to qualify you for the perfect refinance loan program to fit your financial needs. In order to review your choices, you'll need to think about your goals for your refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when rates get higher later, unlike with your ARM, when you close a mortgage with a fixed rate, you set that low interest rate for the life of your loan. If you aren't planning on moving in the near future (about five years), a fixed rate mortgage loan can particularly be a good option. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve reduced monthly payments. Due to refinancing, your total finance charges can be higher over the life of the loan.

Getting Out Some Cash

Are you refinancing mainly to "cash out" some home equity? Perhaps you want to pay for home improvements, take care of your college kid's tuition, or go on a an Alaskan cruise. In this case, you want to find a loan above the remaining balance of your current mortgage loan.Then you'll want to need to qualify for a loan for a bigger number than the remaining balance on your present mortgage loan. However, if your interest rate is high now and you've held it for a long time, you could be able to achieve your goals without an increase in your mortgage payment.

Consolidating Debt

Do you have other debt, perhaps with a higher interest rate, that you want to consolidate? If you have a fair amount of home equity, taking care of other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) could be able to save you a lot of cash every month.

Building up Equity More Quickly

Do you plan to build up home equity more quickly, and have your mortgage paid off more quickly? If this is your goal, the refinance mortgage can change you to a mortgage program with a shorter term, for example: a 15 year loan. Although your monthly payment amount will usually be increased, you can save on interest; so your equity will build up faster. However, if you have had your current thirty-year loan for a long time and the remaining balance is somewhat low, you might be able to do this without increasing your monthly mortgage payment — you may even be able to save! To help you determine your options and the many benefits in refinancing, please contact us at 503-243-5626. We would love to help you reach your goals!

Want to know more about refinancing your home? Give us a call: 503-243-5626.

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