Which Refinancing Program is Best for You?

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There aren't as many refinance loan options as there are borrowers, but sometimes it feels like it! Contact us at (972) 292-0448 and we can match you with the refinance loan program that fits you best. There are several things to bear in mind while you look at your options.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then the best choice may be a low fixed-rate loan. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the rate of interest varies. Even as interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you are expecting to stay in your home for about five more years, a fixed rate mortgage may be an especially good choice for you. On the other hand, if you do see yourself selling your home in the near future, an ARM mortgage with a low initial rate may be the best way to reduce your monthly payment.

Cashing Out

Are you refinancing primarily to "cash out" some home equity? Perhaps you want to make home improvements, pay your child's college tuition bill, or take your dream vacation. Then you will need to get a loan higher than the balance remaining of your present mortgage.Then you want You may not have an increase in your monthly payment, though, if you've had your existing mortgage loan for a long time, and/or your interest rate is high.

Consolidating Debt

Do you want to pull out a portion of your home equity to consolidate other debt? Yes you can! If you have the equity in your home to make it work, paying off other debt with higher interest than the rate on your mortgage (such as credit cards, home equity loans, or car loans) means you may be able to save hundreds of dollars each month.

Getting a Shorter Term Loan

Are you hoping to fatten your home equity faster, and pay off your mortgage sooner? You should consider refinancing to a shorterterm loan, often a 15-year mortgage loan. Although your monthly payment amount will usually be more, you will save on interest; so your home equity will rise up faster. However, if you've held your current thirty-year mortgage loan for a number of years and the loan balance is relatively low, you might be able to do this without raising your mortgage payment — you might even be able to save! To help you figure out your options and the many benefits of refinancing, please call us at (972) 292-0448. We are here for you.

Curious about refinancing your home? Call us: (972) 292-0448.