Considering a refinance home loan? To be sure your
choice will satisfy your goals, here are a few questions to ask yourself:
How long will you keep your home? Do you want to pay off your home loan
quickly? Do you just want to have the lowest monthly payment?
A standard 30 year fixed rate refinance home loan is
a safe bet, however, if your goal is to keep your home
for a long period of time, then you may want to consider
a 15 year fixed rate. Of course the loan payments will
be higher, but the principal reduction is greatly accelerated
and you would dramatically reduce the amount of interest
paid over the life of the loan.
If you plan to keep your home for a short term, or you
just want the lowest mortgage payment, you may want
to consider a home loan that is fixed for the initial
5 or 7 years, and converts to an adjustable rate. Why
pay a higher rate for a 30 year home loan, if you only
keep it for a few years.
If you already have a good rate on your current home
loan and you want to pay off debts, improve your home,
or take out some cash, then a home equity loan may be
a better option than refinancing. Find the best rates
for a refinance home loan or a home equity loan .
If you would like to refinance
your home loan or simply ask some questions about refinancing
a home loan through Coastal La Jolla Funding, click
on our refinance home loan application.
For a Print friendly version of this page, click on
our refinance
home loan print page.