Which Refinancing Program is Best for You?

When you are overwhelmed with so many choices, it may seem as if there are even more loan programs than borrowers! Contact us at 469-640-0400 and we can match you with the refinance loan program that is ideal for you. In the interest of looking at your choices, you should think about your goals for the refinance.

Lowering Your Payments

Are getting better mortgage payments and an improved rate your main refinance goals? If so, applying for a low, fixed-rate loan could be a good choice for you. Maybe you are now in a mortgage with a high, fixed interest rate, or a loan with which the interest rate varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of your mortgage, even if interest rates rise. If you are expecting to stay in your home for about five more years, a fixed rate mortgage may be an especially good option for you. However, if you do see yourself selling your home in the near future, an ARM mortgage with a small initial rate may be the ideal way to lower your monthly payments.

Cashing Out

Are you wanting to cash out some of your home equity with your refinance? It could be you're planning a special vacation; you have to pay tuition for your college-bound child; or you plan to renovate your home. In this case, you will need to find a loan higher than the remaining balance on your current mortgage.With this goal, you want You might not have an increase in your monthly payemnt, however, if you have had your existing mortgage for a while, and/or your interest rate is high.

Consolidating Your Debt

Perhaps you want to cash out some of the equity in your home (cash out) to put toward other debt. If you have built up some home equity, paying off other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) might help save you a chunk of money each month.

Paying it off Faster

Do you need to build up home equity more quickly, and have your mortgage paid off more quickly? Then, you want to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage loan. Even though your mortgage payment amount will likely be more, you will be paying less interest; so your equity amount will build up faster. Conversely, if your existing longer term loan has a small balance remaining, and was closed a number of years ago, you may be able to make the switch without paying more each month. To help you understand your options and the many benefits of refinancing, please contact us at 469-640-0400. We are here for you.

Curious about refinancing? Call us: 469-640-0400.

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