Save More Time & Money Refinancing Your AZ Home. Call Local Arizona Mortgage Expert Steve Bernstein Today To Save! 
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Refinancing Your AZ Mortgage?

There are numerous reasons for refinancing an existing AZ mortgage, including: lowering your monthly mortgage payment, taking cash out, consolidating debt, or paying off your mortgage loan quicker. Below is a brief explanation for each of these refinance strategies:

Lower Your Monthly Mortgage Payment

One of the best reasons for a mortgage refinance is to procur
e a lower mortgage rate, and/or lower monthly mortgage payment! If this is your refinance objective, a standard 30 year fixed rate loan may be your best option. However, if you expect to sell your home in the next 3 to 7 years, you might also want to consider a Hybrid ARM, (3/1, 5/1, 7/1) that will lower your interest rate & monthly payment, even more.

Cash Out Refinance

A cash out refinance can be a good option for homeowners with extra home equity. Cash out refinance loans are usually used to pay off home improvements, college tuition, family vacations, or other business opportunities with rates of return that exceed the lower cost, usually tax deductible mortgage interest rate. Make sure to talk to your CPA about the benefits of writing off mortgage interest and property taxes against your earned income.Most homeowners do not take out more than 80%  of their AZ property value, in order to eliminate monthly mortgage insurance.

Consolidate Debt

Another reason many AZ homeowners pull cash out of their home, is to use the cash out to pay off higher interest rate, non-tax deductible debt. For example, a homeowner with a strong equity position, might decide to consolidate a car payment, credit cards, and other small revolving or installment debts, into one cash out refinance mortgage. This accomplishes a few things: 1) A borrower only has to make one payment per month, 2) The overall cost of interest decreases, as tax deductible mortgage interest is typically far less expensive than the interest rates paid for car loans, personal loans, credit card debt, etc. 3) One mortgage payment usually results in a lower monthly payment, and better monthly cash flow, than the existing combined debt payments. 4) The monthly savings accrued by consolidating debt can then be applied to principal reduction payments, resulting in a quicker mortgage loan payoff.

Pay Off Your Mortgage Faster

Many az homeowners also dream about paying off their mortgage quickly. If this is your plan, we have many shorter term mortgage loans that result in more money going to principal reduction, and less money going to interest. For example our 15, 20 or 25 year loan programs can help you pay down your debt faster, as these mortgage loans amortize faster. Give us a call today to discuss your current mortgage loan, versus a 15 to 25 year equity builder loan. We probably can help you save thousands of dollars in mortgage payments over the term of your loan! 

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(480) 424-7144, or View Today's Mortgage Rates and then fill out our online mortgage application below.

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