Selecting a Refinancing Program
Even though it may seem like it at times, there are not as many refinance choices as there are borrowers! Call us at 469-640-0400 and we will match you with the loan program that fits you best. In order to review your options, you can list your goals for the refinance.
Lowering Your Payments
Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the right choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even if interest rates rise, a fixed-rate mortgage will stay 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 an especially good fit for you. On the other hand, if you can see yourself selling your home before too long, an ARM mortgage with a low initial rate might be the ideal way to lower your monthly payment.
Getting Out some Cash
Are you wanting to cash out some of your equity with your refinance? Maybe you're going on a much needed vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. Then you will want to look for a loan higher than the balance remaining of your existing mortgage.So you need However, if your loan interest rate is high now and you have held it for quite a few years, you may be able to accomplish your goals without a rise in your mortgage payment.
Do you have other debt, perhaps with a high interest rate, that you need to consolidate? If you hold any higher interest debts (such as credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have the equity built up to make it work.
Building up Equity More Quickly
Do you need to build up home equity quicker, and pay off your mortgage sooner? If this is your goal, the refinance mortgage can switch you to a mortgage loan program with a short, like a 15 year loan. Although your monthly payment amount will usually be increased, you will be paying less interest; so your equity will rise up faster. But, you may be able to switch without a higher monthly mortgage payment if your longer term loan was closed a while ago, and the remaining balance is somewhat low. You could even make it lower! To help you understand your options and the many benefits in refinancing, please contact us at 469-640-0400. We are here for you.
Curious about refinancing your home? Give us a call: 469-640-0400.