refinancing options

Which refinancing option is best for you?

There aren't quite as many loan programs as there are borrowers, but it seems like it sometimes! We'll work with you to qualify you for the best loan program to fit your needs. But there are some general considerations you can have in mind in advance.

• Refinance Calculator
• Fixed rate Calculator 

        Are you refinancing primarily to lower your rate and monthly payments? Then your best option might be a low fixed-rate loan.

• Maybe you have a fixed-rate mortgage now with a higher rate, or maybe you have an ARM -- adjustable rate mortgage -- where the interest rate varies.
•  Even if it's low now, unlike your ARM, when you qualify for a fixed-rate mortgage you lock that low rate in for the life of your loan. This is especially a good idea if you don't think you'll be moving within the next five years or so. On the other hand, if you do see yourself moving within the next few years, an ARM with a low initial rate might be the best way to lower your monthly payment.

Did you know?

1. If you need 90% to refinance your mortgage with FHA you will not have Monthly Mortgage insurance if you choose a 15 year term.
2. If your refinancing a FHA /VA  loan you may not need an appraisal or any income document
3. VA loans can lend up to 90% of the value of your home
4. Higher credit scores and Lower Loan to value will get you the best rates.
5. In most cases, refinancing a 30 year term will result in lowering your term to 20 or 15 year loan with the same payment you are making today
6. Are you refinancing primarily to cash out some home equity? Maybe you want to pay for home improvements, pay your child's college tuition bill, take your dream vacation, whatever. Then you'll want to qualify for a loan for more than the balance remaining on your current mortgage. If you've had your current mortgage for a number of years and/or have a mortgage whose interest rate is higher, you may be able to do this without increasing your monthly payment.

• You want to cash out some equity to consolidate other debt? Good idea! If you have the equity in your home to make it work, paying off other debt with higher interest rates than the interest rate on your mortgage -- for example, credit cards, home equity loans, car loans, some student loans -- means you can save possibly hundreds of dollars a month.

Build equity quicker

• Do you want to build up home equity more quickly, and pay off your mortgage sooner? Consider refinancing with a shorter-term loan, such as a 15-year mortgage. Your payments will be higher than with a longer-term loan, but in exchange, you will pay substantially less interest and will build up equity more quickly. If you have had your current 30-year mortgage for a number of years and the loan balance is relatively low, you may be able to do this without increasing your monthly payment -- you may even be able to save!

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