Selecting a Refinancing Loan

When you are overwhelmed with so many options, it may seem like there are even more loan programs than applicants! We can guide you to locate the loan program that will fit your situation the best. Contact us at (808) 935-0678 to get started. surveying your choices, you'll need to list what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, your best choice could be a low fixed-rate loan. Maybe you now have a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the interest rate can vary. Even as interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is especially a good choice if you don't think you'll be selling your home within the next 5 years or so. On the other hand, if you can see yourself selling your home in the near future, an ARM mortgage with a low initial rate could be the best way to lower your monthly payment.

Cashing Out

Is "cashing out" your main reason for refinancing? It could be you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you are planning some home improvements. Then you will want to find a loan above the balance remaining of your present mortgage loan.With this goal, you need If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment bigger.

Consolidating Your Debt

Do you hold other debt, perhaps with a high interest rate, that you want to consolidate? If you have the home equity for it, taking care of other debt with higher interest than the rate on your mortgage (such as car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars monthly.

Building up Equity Faster

Are you planning to fatten up your equity faster, and pay off your mortgage loan sooner? Consider refinancing to a short-term loan, such as a 15-year mortgage loan. Even though your mortgage payments will probably be more, you will save on interest; so your equity will build up faster. On the other hand, if your current long-term mortgage has a small remaining balance, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you understand your options and the many benefits in refinancing, please call us at (808) 935-0678. We are here for you.

Curious about refinancing? Call us at (808) 935-0678.

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