Choosing a Refinancing Loan


	Shopping for a mortgage? We will be glad to help! Call us at 405-720-7064. Ready to get started? Apply Online Now.

Although it seems like it sometimes, there are not as many refinance choices as there are borrowers! Call us at 405-720-7064 and we will match you with the refinance program that best fits you. In the interest of looking at your choices, you can list what you want to achieve with your refinance.

Making Your Payments Lower

Are achieving lower payments and an improved rate your main refinance goals? If so, applying for a low, fixed-rate loan could be a good choice for you. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage with 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 the mortgage, even if interest rates rise. If you are planning to live in your home for at least five more years, a loan with a fixed rate may be an especially good choice for you. On the other hand, if you can see yourself selling your home in the near future, an ARM mortgage with a small initial rate could be the ideal way to reduce your monthly payments.

Cashing Out

Are you refinancing mainly to "cash out" some home equity? It could be you're going on a much needed vacation; you have to pay college tuition for your child; or you are planning some home improvements. So you will need to find a loan for more than the remaining balance of your current mortgage.With this goal, you will want to find a loan program for a higher number than the balance remaining on your present mortgage loan. If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.

Debt Consolidation

Perhaps you'd like to cash out a portion of the equity (cash out) to put toward other debt. If you own some higher interest debts (such as credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have enough home equity.

Building up Equity More Quickly

Are you hoping to fatten up your equity faster, and get your mortgage paid off sooner? If this is your plan, your refinance can move you to a mortgage program with a shorter term, such as a 15 year loan. Although your mortgage payment amount will usually be increased, you can save on interest; so your equity amount will build up faster. However, if you've had your existing 30-year mortgage loan for a number of years and the loan balance is relatively low, you may be do this without increasing your monthly payment — you may even be able to save! To help you determine your options and the multiple benefits in refinancing, please call us at 405-720-7064. We are here for you.

Want to know more about refinancing? Call us: 405-720-7064.

By clicking on the link below you are leaving GPN Mortgage's Web site and linking to a non-affiliated third party site. Please be advised that you will then link to a Web site hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of GPN Mortgage. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. GPN Mortgage assumes no liability for the content, information, security, policies or transactions provided by these other sites.