Which Refinancing Program is Best for You?

Even though it may seem like it at times, there aren't as many loan options as there are borrowers! Contact us at (808) 935-0678 and we will match you with the refinance loan program that is best for your needs. There are several questions to ask yourself as you review your choices.

Making Your Payments Lower

Are getting reduced mortgage payments and a better rate your main refinance goals? Then a low, fixed rate loan may be the ideal choice for you. Perhaps you now hold a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — in which the rate of interest varies. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of your loan, even if interest rates rise. This kind of loan is especially a good choice if you aren't planning a move within the next 5 years or so. However, if you do see yourself selling your home before too long, an adjustable rate mortgage with a low initial rate might be the best way to bring down your monthly payments.

Refinancing to Cash Out

Is your refinance goal primarily to "cash out" some home equity? Maybe you want to make home improvements, take care of your college kid's tuition, or take your dream vacation. In this case, you will need to get a loan higher than the remaining balance of your current mortgage.So you want However, if your interest rate is currently high and you've held it for a long time, you could be able to achieve your goals without a rise in your mortgage payment.

Consolidating Debt

Do you want to pull out some of your equity to consolidate other debt? Yes you can! If you hold some debt with high interest (like credit cards or car loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have the equity built up to make it work.

Getting a Shorter Term Loan

Do you want to build up home equity quicker, and pay off your mortgage sooner? You should consider refinancing to a short-term loan, such as a 15-year mortgage loan. Your mortgage payments will probably be more than they were with your longer term loan, but in exchange, you will pay substantially less interest and will build up equity quicker. Conversely, if your existing long-term mortgage loan has a low balance remaining, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you determine your options and the multiple benefits of refinancing, please contact us at (808) 935-0678. We are here for you.

Curious about refinancing? Give us a call: (808) 935-0678.

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