There are many refinancing options available, and the benefits of each are unique. Whether you’re looking to reduce your payments or consolidate your debt, Rich can help! Call Rich today to get your process moving at 951.588.LOAN.
Lowering your monthly payment
There are a few ways to lower your monthly payment, including obtaining a lower interest rate or extending the term of your loan. This is usually the primary reason for obtaining a refinance loan. Whether you're looking to switch from a variable rate to a fixed rate loan or looking to pay less per month, a refinance loan can help provide more stability and smaller payments.
Cashing-out equity
Many people would like to take advantage of the equity they have built up in their homes. With refinancing, it is possible to accomplish that while still reducing your monthly payments. Accessing the equity in your home is a great way to make some improvements in your life; whether that be paying for college, renovating or remodeling your home, or even starting a business. For most people their homes are their greatest sources of wealth, so using that to its full advantage can make a big difference.
Consolidating debt
Refinancing can be useful in keeping your debt manageable by replacing a number of high-interest loans (such as credit card debt) with a single, lower-interest loan. You can take the cash that you gain from taping the equity in your house and paying off any kind of debt that you may have. Most people will try to pay off high-interest, non-deductible forms of debt such as credit cards or auto loans.
Dropping Private Mortgage Insurance
Depending on how much equity you have in your home, you can refinance your home loan and possibly drop your private mortgage insurance. This can mean a lower overall monthly payment on your mortgage. If you think this might be the case please call me today at 951.588.LOAN.
Other refinancing options
Points - By paying points up-front, you can reduce your interest rate. This may or may not be a good option for you. Those who see benefits from paying points up-front are those who plan on being in their homes for a while. A lower interest rate means a lower monthly payment. The longer you pay the lower monthly payment the more sense it makes to pay points up front.
Low-cost Refinancing
This option can eliminate some or all of the fees associated with refinancing, but also carries a higher interest rate than a standard refinance. It's important to take all aspects of a new loan into consideration before refinancing. Constant Funding, Inc. is ready to help you make the right decision. Let us help you determine if low-cost refinancing is a good fit for you.
Remember, Rich has a fiduciary responsibility to YOU! He will only act if a refinance is in your best interest; period!
