Which Refinancing Program is Right for You?
There are an enormous number of refinancing options available to borrowers. We can help you select the loan program that can fit your financial situation the best. Call us at (281) 778-0805 to get started. There are some general things to keep in mind while you review the choices.
Reducing Your Monthly Payments
Are achieving lower mortgage payments and a better rate your main refinance goals? In that case, your best option may be a low fixed-rate loan. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of the mortgage, even as interest rates rise. If you are not expecting to move in the near future (about five years), a fixed-rate mortgage can especially be a good choice. However, if you can see yourself moving in the near future, an ARM with a small initial rate could be the best way to reduce your monthly payment.
Refinancing to Cash Out
Are you hoping to cash out some of your home equity with your refinance? It could be you want to update your kitchen, pay your child's college tuition bill, or go on a an Alaskan cruise. With this in mind, you'll need to get a loan for more than the remaining balance of your present mortgage.In that case, you'll want to need to find a loan program for a higher amount than the balance remaining on your current mortgage. If you've had your current mortgage loan for a long time and/or have a high interest mortgage, you may be able to do this without making your monthly payment higher.
Consolidating Your Debt
Do you want to pull out some equity to consolidate other debt? Yes you can! If you have a fair amount of home equity, paying toward other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) might be able to save you a lot of money every month.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while beefing up your home equity quicker? Consider refinancing to a short-term loan, such as a 15-year mortgage. Although your monthly payment amount will likely be more, you can save on interest; so your home equity will rise up faster. However, if you've had your current thirty year loan for a long time and the remaining balance is somewhat low, you may be do this without raising your monthly payment — it's even possible to save! To help you figure out your options and the numerous benefits in refinancing, please contact us at (281) 778-0805. We are here to help you reach your goals!
Want to know more about refinancing your home? Call us: (281) 778-0805.