Refinancing: Which Program is for You?

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There are an enormous number of refinancing programs available to borrowers. We can help you locate the refinance loan program that can fit your needs the best. Call us at 512.257.3749 to get started. There are some general things to keep in mind while you review your options.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the ideal option for you. Perhaps you are now in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the mortgage, even as interest rates rise. If you aren't planning on moving in the near future (about five years), a fixed-rate mortgage can especially be a great loan option. On the other hand, if you do see yourself moving before too long, an adjustable rate mortgage with a low initial rate might be the best way to bring down your monthly payment.

Getting Out some Cash

Is "cashing out" your primary reason for your refinance? Your house needs updating; your son has been accepted to University and needs tuition; or you are taking your family on a cruise. In this case, you will want to find a loan higher than the remaining balance of your present mortgage.Then you need If you've had your current mortgage loan for a number of years and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment higher.

Consolidating Debt

Maybe you want to pull out some home equity (cash out) to use toward other debt. If you have any debt with higher interest (such as credit cards or car loans), you might be able to pay that debt off with a lower rate loan with your refinance, if you have the right amount of equity.

Switching to a Shorter Term Loan

Are you dreaming of paying off your loan more quickly, while beefing up your equity faster? If this is your plan, your refinance loan can move you to a loan program with a short, for example: a 15 year loan. Your mortgage payments will probably be more than with a longer term mortgage loan, but in exchange, that you will pay considerably less interest and will build up equity quicker. But, you could be able to make the change without much increase in your monthly payment if your longer term mortgage was closed a while back, and the balance remaining is low. You may even pay less! To help you figure out your options and the multiple benefits in refinancing, please contact us at 5122573749. We will help you reach your goals!

Curious about refinancing? Give us a call: 512.257.3749.