Choosing a Refinancing Option

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Since Asset Alliance Mortgage represents many lending institutions, we have the ability to find the right program to fit your needs. Here are a few considerations for refinancing…..
1. Lowering Your Monthly Payment
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a good choice may be a low fixed-rate loan.
2. Securing a Permanent Rate
If you currently have an Adjustable Rate Mortgage (ARM) where the interest rate varies, a fixed rate loan will remove that nagging uncertainty.
3.Getting Cash Out
Is getting “cash out” from your home equity the main reason for your refinance? Perhaps you'd like to update your kitchen, take care of your children’s college tuition, or go on that long awaited vacation. A mortgage refinance may just be the ticket! In some cases with a lower interest rate you may be able to obtain your goals without raising your monthly payment. We’ll show you how!
4. Consolidating Debt
Perhaps you would like to use a portion of your home’s equity (cash out) toward paying off existing debt. It may be possible to combine these high cost debts into a new low cost mortgage that saves you thousands of dollars a year over the high interest payments you currently have. 
5. Reaping the Benefits of a Shorter Term Loan
By shortening the term of your mortgage, the savings you accrue will grow the equity in your home faster while saving you thousands of dollars in interest payments. Here is an example of the differences between a 15 year and a 30 year mortgage: 
$400,000 Loan, 30 Year Term, 3.50% , Total Interest Paid Over Life of Loan: $250,327
$400,000 Loan, 15 Year Term, 3.50% , Total Interest Paid Over Life of Loan: $118,418
A $131,909 interest savings!
6. Providing Flexibility 
An adjustable rate mortgage or ARM may be the just the answer to your question of how to lower your monthly payments. If your time horizon for owning a property is ten years or less a 5,7,or 10 year ARM could be a perfect fit.

Want to know more about refinancing? Call us at (760) 632-7701.

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