Which Refinancing Option is Right for You?
There are an enormous number of refinancing options available to borrowers. We can help you find the refinance loan program that can fit your situation the best. Contact us at 469-640-0400 to get things started. surveying your options, you can consider your goals for the refinance.
Reducing Your Monthly Payments
Is your refinance primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan may be a wise option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Even if interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you plan to stay in your home for at least five more years, a fixed rate mortgage may be a particulary good option for you. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower monthly payments.
Refinancing to Cash Out
Are you planning to cash out some of your home equity with your refinance? Your home needs updating; your son has been accepted to University and needs tuition money; or you are planning a special vacation. So you will want to look for a loan for more than the remaining balance on your present mortgage.So you will You will need to qualify for a loan for more than the remaining balance of your existing mortgage in this case. If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment higher.
Consolidating Your Debt
Do you want to pull out some equity to consolidate other debt? Good plan! If you have any debt with higher interest (like credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of home equity.
Building up Equity Faster
Are you dreaming of paying your loan off faster, while building up your equity faster? If this is your hope, your refinance loan can switch you to a loan program with a short, for example: a 15 year loan. The mortgage payments will probably be higher than they were with a long-term mortgage, but the pay-off is: you will pay substantially less interest and will build up equity quicker. But, you might be able to switch without a bigger monthly mortgage payment if your long term loan was closed a while back, and the balance remaining is low enough. You may even pay less! To help you figure out your options and the numerous benefits of refinancing, please contact us at 469-640-0400. We are here for you.
Want to know more about refinancing your home? Call us: 469-640-0400.