Which Refinancing Program is Right for You?

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The huge number of refinance options available can be overwhelming. We can help you select the refinance loan program that will fit your situation the best. Call us at (214) 545-5700 to get started. There are several things to bear in mind while you consider your choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be the best loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even as interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you aren't expecting to move in the near future (about five years), a fixed rate mortgage loan can especially be a great loan option. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced payments.

Refinancing to Cash Out

Are you wanting to cash out some of your equity with your refinance? Perhaps you're going on a much needed vacation; you need to pay college tuition for your child; or you are updating your kitchen. With this in mind, you will want to get a loan for more than the remaining balance on your current mortgage.With this goal, you will need If you've had your existing mortgage for a number of years and/or have a mortgage with high interest, you may be able to do this without increasing your monthly payment.

Consolidating Debt

Do you have other debt, perhaps with a high interest rate, that you want to consolidate? 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) may be able to save you a chunk of money each month.

Paying it off Faster

Are you dreaming of paying off your loan more quickly, while building up your home equity quicker? If this is your hope, your refinance mortgage can move you to a mortgage loan program with a short, for example: a 15 year loan. The mortgage payments will probably be more than they were with your long-term mortgage loan, but in exchange, you will pay quite a bit less interest and can build up equity quicker. However, if you've held your existing thirty year mortgage loan for a long time and the loan balance is relatively low, you might be able to do this without raising your monthly mortgage payment — you may even be able to save! To help you understand your options and the multiple benefits of refinancing, please call us at (214) 545-5700. We can help you reach your goals!

Want to know more about refinancing your home? Give us a call: (214) 545-5700.