Choosing a Refinancing Program

There are a huge number of refinancing programs available to borrowers. We can help you locate the refinance program that will fit your situation the best. Call us at (208) 788-8800 to get things started. In order to review your options, you need to list your goals for your refinance.

Making Your Payments Lower

Are getting reduced payments and an improved rate your main reasons for refinancing? If so, the best option might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even when rates come up later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you lock in that low interest rate for the term of your loan. If you are not expecting to sell your home in the near future (about 5 years), a fixed rate mortgage loan can particularly be a wise option. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced mortgage payments.

Cashing Out

Is your refinance goal mainly to "cash out" some home equity? Your house needs updating; your son has been accepted to University and needs tuition money; or you are taking your family on a cruise. So you'll want to find a loan higher than the remaining balance of your present mortgage.In this case, you will want to need to get a loan program for a bigger amount than the remaining balance on your existing mortgage. However, if your mortgage rate is currently high and you've had it for quite a few years, you could be able to reach your goals without making your monthly payments rise.

Debt Consolidation

Perhaps you want to pull out some equity in your home (cash out) to put toward other debt. If you own some debt with steep interest (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have the equity built up to make it work.

Building up Equity Faster

Do you hope to build up home equity more quickly, and have your mortgage paid off faster? If this is your hope, your refinance mortgage can move you to a loan program with a shorter term, like a 15 year loan. Your payments will probably be more than they were with your long-term mortgage, but in exchange, you will pay quite a bit less interest and will build up equity more quickly. But, you may be able to switch without a higher monthly mortgage payment if your longer term mortgage was closed a while back, and the balance remaining is low. You may even pay less! To help you figure out your options and the multiple benefits in refinancing, please contact us at (208) 788-8800. We are here to help you reach your goals!