Which Refinancing Program is Right for You?

Looking for a loan? We'd be thrilled to talk about our many mortgage solutions! Give us a call at 575-258-1316. Ready to begin?

Although it may seem like it at times, there aren't as many loan options as there are borrowers! Call us at 575-258-1316 and we'll help you qualify for the right refinance program to fit your financial situation. In the interest of looking at your options, you can list what you want to achieve with your refinance.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan might be a good choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even if rates come up later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you set that low interest rate for the life of your mortgage. If you are not planning a move in the near future (about five years), a fixed rate mortgage loan can especially be a great option. However, an ARM with a initial low payment may be a better way to lower your monthly payments if you plan on moving within the near future.

Getting Out some Cash

Are you wanting to cash out some of your equity with your refinance? It could be you want to update your kitchen, take care of your college kid's tuition, or take your dream vacation. In this case, you want to find a loan above the remaining balance on your present mortgage loan. In this case, you You'll be looking for a loan for a higher amount than the balance remaining of your current home loan in that case. If you've had your existing mortgage loan for a number of years and/or have a mortgage loan with high interest, you might\could be able to do this without increasing your monthly payment.

Consolidating Debt

Maybe you'd like to cash out a portion of the equity (cash out) to use toward other debt. If you have enough home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) might be able to save you a chunk of cash each month.

Paying it off Faster

Do you plan to build up home equity quicker, and have your mortgage paid off sooner? Then, you want to find out about refinancing to a short term mortgage loan - such as a fifteen-year mortgage loan. Your payments will likely be higher than they were with a long-term mortgage, but in exchange, that you will pay substantially less interest and will build up equity more quickly. But, you might be able to make the change without a higher monthly payment if your long term mortgage was closed a while ago, and the balance remaining is somewhat low. You may even make it lower! To help you figure out your options and the multiple benefits of refinancing. We are here for you.

Curious about refinancing your home? Call us at 575-258-1316.

Get a Refinance Quote

Looking to refinance your home? Fill out the following form to get a fast quote from us.

Contact Info
Property Information
Mortgage Information
By checking the box, you agree that Ruidoso Mortgage may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.

Ruidoso Mortgage