Take Advantage of Today’s Low Rates!
Refinancing your current mortgage can be hassle free. We can help to reduce your interest rate and lower your monthly payment. You can tap into your equity to consolidate bills or make upgrades to your home. Bancsource will help you decide which loan is best for you. Our mortgage professionals will explain all of your options so you understand which loan best suit your needs.
Which refinancing option is best for you?
Bancsource will help you decide which loan best suits your needs. Are you refinancing primarily to lower your rate and monthly payments? Then your best option might be a low fixed-rate loan. Maybe you have a fixed-rate mortgage now with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the interest rate varies. Even if it’s low now, unlike your ARM, when you qualify for a fixed-rate mortgage you lock that low rate in for the life of your loan. This is especially a good idea if you don’t think you’ll be moving within the next five years or so. On the other hand, if you do see yourself moving within the next few years, an ARM with a low initial rate might be the best way to lower your monthly payment.
Are you refinancing primarily to cash out some home equity?
Maybe you want to pay for home improvements, pay your child’s college tuition bill, take your dream vacation, whatever. Then you’ll want to qualify for a loan for more than the balance remaining on your current mortgage. If you’ve had your current mortgage for a number of years and/or have a mortgage whose interest rate is higher, you may be able to do this without increasing your monthly payment.
Do you want to cash out some equity to consolidate other debt?
Good idea! If you have the equity in your home to make it work, paying off other debt with higher interest rates than the interest rate on your mortgage — for example, credit cards, home equity loans, car loans, some student loans — means you can save possibly hundreds of dollars a month.
Do you want to pay off your mortgage sooner?
Consider refinancing with a shorter-term loan, such as a 15-year mortgage. Your payments will be higher than with a longer-term loan, but in exchange, you will pay substantially less interest and will build up equity more quickly. If you have had your current 30-year mortgage for a number of years and the loan balance is relatively low, you may be able to do this without increasing your monthly payment — you may even be able to save!
We make the complex mortgage process easy!
If you’re in the market for refinancing options, now’s the time to take advantage of today’s great rates, give us a call and discover how BancSource is your best choice in Colorado for new home mortgages!
Contact BancSource Mortgage today at 303-394-2222 for a free consultation!