Which Refinancing Program is Best for You?

There aren't as many refinance loan options as there are applicants, but it seems like it at times! We can help you find the loan program that will fit your financial situation the best. Call us at (808) 935-0678 to begin the process. In the interest of looking at your options, you can determine what you want to achieve with your refinance.

Lowering Your Payments

Are achieving better payments and an improved rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the ideal choice for you. Maybe you are now in a mortgage with a high, fixed interest rate, or a mortgage with which the rate of interest varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of the mortgage loan, even as interest rates rise. This kind of loan can be especially a wise idea if you don't think you'll be selling your home within the next five years or so. However, an ARM with a initial low payment could be a better way to reduce your monthly payments if you expect to move in the next few years.

Cashing Out

Is your refinance goal primarily to pull out some equity for an infusion of cash? Your house needs improvements; your daughter has been accepted to University and needs tuition money; or you are taking your family on a cruise. So you will want to get a loan higher than the balance remaining of your existing mortgage.With this goal, you need However, if your mortgage rate is high now and you've held it for a long time, you may be able to reach your goals without an increase in your mortgage payment.

Debt Consolidation

Do you hold other debt, perhaps with a high interest rate, that you want to consolidate? If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (for example: credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars monthly.

Building up Equity Faster

Do you plan to build up equity quicker, and pay off your mortgage faster? Consider refinancing to a short-term loan, often a 15-year mortgage loan. The payments will likely be higher than they were with a long-term mortgage, but in exchange, that you will pay quite a bit less interest and will build up equity quicker. However, if you have had your current 30-year loan for a long time and the remaining balance is rather low, you might be able to do this without raising your mortgage payment — you may even be able to save! To help you figure out your options and the many benefits in refinancing, please call us at (808) 935-0678. We would love to help you reach your goals!

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

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question