Is refinancing right for you? We’ll help you compare the numbers and available options.
At Sierra Capital Mortgage, we help homeowners compare their current mortgage with available refinance options and determine whether the potential benefits justify the costs.
Refinancing is not just about getting a lower interest rate. The right strategy depends on your current loan, how long you expect to remain in the property, your available equity, and what you want to accomplish.
Reducing the interest rate or monthly mortgage payment
Shortening the loan term and paying the mortgage off sooner
We can help you compare the potential savings, costs, monthly payment and break-even period before deciding whether refinancing makes sense.
A rate-and-term refinance replaces your existing mortgage with a new loan without taking significant cash out. Homeowners may use this strategy to lower their interest rate, reduce their monthly payment, change the loan term, or move from an adjustable-rate mortgage to a fixed-rate loan.
A cash-out refinance allows you to replace your existing mortgage with a larger loan and receive a portion of your available equity in cash. Depending on your circumstances, the funds may be used for home improvements, debt consolidation, investments or other financial needs.
Moving to a shorter loan term may allow you to build equity faster and reduce total interest paid over the life of the loan. The tradeoff is generally a higher monthly payment, so we can help determine whether the numbers work for your budget.
Some homeowners refinance primarily to reduce their monthly housing expense. This may be accomplished through a lower interest rate, a different loan structure or a longer repayment term. The appropriate option depends on both the monthly savings and the total long-term cost of the new loan.
Sierra Capital Mortgage works with multiple lending sources, allowing us to compare available programs rather than limiting the analysis to a single lender.
