08:30 – 5:00

Monday to Friday

5001 California Avenue, Suite 200

661-324-AGAPE

Your Bakersfield Mortgage Professional

August 24, 2017

08:30 – 5:00

Monday to Friday

5001 California Avenue, Suite 200

661-324-AGAPE

Refinancing Options

Choosing a Refinancing Program

The huge number of refinance options available is truly breathtaking. Contact us at 661.324.2427 and we will help you qualify for the perfect loan program for your financial needs. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you begin your decision process.

Reducing Your Monthly Payments

Are getting lower monthly payments and an improved rate your main refinance goals? Then a low, fixed rate loan may be the ideal loan program for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even as interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. If you expect to live in your home for about five more years, a fixed rate loan may be an especially good option for you. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower monthly payments.

Refinancing to Cash Out

Is “cashing out” your main purpose for refinancing? Perhaps you need to make home improvements, take care of your college kid’s tuition, or go on a an Alaskan cruise. So you need to find a loan higher than the balance remaining of your existing mortgage.In this case, you’ll need You might not increase your mortgage payemnt, however, if you have had your current mortgage loan for a long time, and/or your loan interest rate is high.

Consolidating Debt

Perhaps you hope to cash out some of the home equity (cash out) to use toward other debt. If you have a fair amount of home equity, taking care of other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) could be able to save you a lot of cash every month.

Paying it off Faster

Are you wanting to fatten up your home equity faster, and pay your mortgage off more quickly? Consider refinancing to a short-term loan, like a 15-year mortgage. Your monthly payments will likely be higher than they were with your long-term mortgage, but the pay-off is: you will pay substantially less interest and can build up equity quicker. But, you could be able to switch without a bigger monthly mortgage payment if your longer term mortgage was closed a while ago, and the balance remaining is low enough. You could even make it lower! To help you determine your options and the multiple benefits in refinancing, please contact us at 661.324.2427. We are here for you.

Want to know more about refinancing your home? Give us a call at 661.324.2427.

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