Which Refinancing Loan Program is Right for You?

There are a huge number of refinancing programs available to borrowers. Call us at (808) 935-0678 and we will help you qualify for the right refinance loan for your needs. There are several questions to ask yourself while you look at the choices.

Lowering Your Payments

Are achieving reduced monthly payments and an improved rate your main refinance goals? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when rates get higher later, unlike with your ARM, when you close a fixed rate mortgage, you set that low interest rate for the term of your loan. A fixed-rate mortgage can be particularly a good idea if you aren't expecting a move within the next five years or so. On the other hand, if you can see yourself selling your home before too long, an adjustable rate mortgage with a low initial rate could be the best way to lower your monthly payments.

Refinancing to Cash Out

Are you refinancing primarily to "cash out" some home equity? Your home needs updating; your daughter has gone to University and needs tuition; or you are taking your family on a cruise. Then you'll need to get a loan for more than the balance remaining on your current mortgage loan.Then you'll You'll be looking for a loan for a bigger amount than the balance remaining with your current home loan in that case. However, if your mortgage rate is currently high and you've had it for a long time, you could be able to achieve your goals without an increase in your mortgage payment.

Consolidating Debt

Do you want to pull out a portion of your home equity to consolidate other debt? Great idea! If you have built up some equity, paying off other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) may be able to save you a lot of money every month.

Paying it off Sooner

Do you want to build up home equity quicker, and pay off your mortgage faster? If this is your plan, the refinance loan can switch you to a mortgage loan program with a shorter term, such as a 15 year loan. You will be paying less interest and increasing your equity more quickly, even though your mortgage payments will generally be higher than they were. But, you could be able to make the change without a higher monthly payment if your longer term loan was closed a while back, and the balance remaining is low. You may even pay less! To help you determine your options and the numerous benefits of refinancing, please contact us at (808) 935-0678. We would love to help you reach your goals!

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

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