Selecting a Refinancing Loan

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There are an enormous number of refinancing programs available to borrowers. Contact us at (888) 998-9868 and we will help you qualify for the best refinance loan to fit your needs. What are your goals for your refinance loan? Keeping in mind the following will help you narrow your choices.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? Then the best choice could be a low fixed-rate loan. Perhaps you are now in a loan with a high, fixed interest rate, or a loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your loan, even as interest rates rise. A fixed-rate mortgage can be particularly a wise choice if you aren't expecting a move within the next five years or so. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower monthly payments.

Refinancing to Cash Out

Is your refinance goal mainly to "cash out" some home equity? It could be you're planning a special vacation; you need to pay tuition for your college-bound child; or you plan to renovate your home. In this case, you want to get a loan above the remaining balance of your existing mortgage.  If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your monthly payment.

Consolidating Your Debt

Do you hold other debt, maybe with a high interest rate, that you want to consolidate? If you have a fair amount of home equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a lot of cash every month.

Building up Equity More Quickly

Are you wanting to fatten up your equity faster, and pay off your mortgage more quickly? Consider refinancing to a shorter term loan, like a 15-year mortgage loan. Your payments will likely be more than with the longer term loan, but in exchange, you will pay considerably less interest and will build up equity more quickly. But, you might be able to switch without much increase in your monthly mortgage payment if your longer term loan was closed a while ago, and the balance remaining is low enough. You could even make it lower! To help you understand your options and the multiple benefits in refinancing, please call us at (888) 998-9868. We would love to help you reach your goals!

Curious about refinancing? Call us at (888) 998-9868.

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Fidelity Bancorp

Company NMLS#: 326625 | DRE#: 01790174

2990 Inland Empire Blvd. Suite 112
Ontario, CA 91764