Selecting a Refinancing Program
There aren't as many refinance loan programs as there are borrowers, but sometimes it feels like it! We can help you locate the refinance program that can fit your situation the best. Call us at (972) 292-0448 to begin the process. In the interest of looking at your options, you can consider what you want to achieve with your refinance.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan could be a wise option for you. Maybe you now hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the rate of interest varies. Even if rates get higher later, unlike with your ARM, when you qualify for a mortgage with a fixed rate, you set that low rate for the term of your mortgage. This is especially a good option if you aren't planning a move within the next 5 years or so. However, if you can see yourself selling your home within several years, an adjustable rate mortgage with a low initial rate might be the best way to bring down your monthly payments.
Is "cashing out" your main reason for refinancing? Perhaps you need to pay for home improvements, take care of your college kid's tuition, or go on a an Alaskan cruise. Then you need to get a loan above the remaining balance on your present mortgage.So you will want to find a loan program for a bigger number than the remaining balance on your present mortgage. If you've had your current mortgage loan for quite a while and/or have a loan with high interest, you might\could be able to do this without increasing your monthly payment.
Consolidating Your Debt
Do you want to cash out some equity to consolidate other debt? Good plan! If you have built up some home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) might help save you a lot of money every month.
Getting a Shorter Term Loan
Do you plan to build up home equity quicker, and have your mortgage paid off faster? Then, you want to look into refinancing to a short term mortgage loan - such as a fifteen-year mortgage loan. You will be paying less interest and increasing your home equity faster, although your monthly payments will generally be higher than you were paying. However, if you've had your existing thirty-year mortgage loan for a long time and the loan balance is rather low, you might be able to do this without raising your monthly mortgage payment — you could even be able to save! To help you determine your options and the multiple benefits of refinancing, please contact us at (972) 292-0448. We are here for you.
Want to know more about refinancing your home? Call us: (972) 292-0448.