Selecting a Refinancing Loan

There are a huge number of refinancing programs available to borrowers. We can guide you to select the refinance program that will fit your needs the best. Call us at (808) 935-0678 to get things started. What are your goals for your refinance loan? Considering in mind the information below will help you begin your decision process.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan could be a good choice for you. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the rate of interest varies. Even when interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. If you aren't expecting to move in the near future (about 5 years), a fixed rate mortgage loan can especially be a great option. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced payments.

Refinancing to Cash Out

Is "cashing out" your primary reason for your refinance? Maybe you're going on a much needed vacation; you need to pay tuition for your college-bound child; or you plan to renovate your home. In this case, you will want to look for a loan above the balance remaining on your existing mortgage.In this case, you'll You will want to apply for a loan for more than the current balance on your current mortgage in this case. If you've had your current mortgage for a long time and/or have a loan with high interest, you might\could be able to do this without making your monthly payment higher.

Debt Consolidation

Do you hold other debt, maybe with high interest, that you want to consolidate? If you have any higher interest debts (such as credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan through your refinance, if you have enough home equity.

Paying it off Sooner

Are you dreaming of paying your loan off sooner, while building up your equity faster? In that case, you'll need to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage loan. The monthly payments will likely be more than they were with the long-term loan, but in exchange, that you will pay substantially less interest and will build up equity quicker. However, if you have held your existing thirty-year mortgage loan for a number of years and the remaining balance is somewhat low, you could be do this without raising your monthly payment — it's even possible to save! To help you understand your options and the numerous benefits in refinancing, please call us at (808) 935-0678. We will help you reach your goals!

Curious about refinancing your home? Call us: (808) 935-0678.

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