Refinancing: Which Loan Program is for You?

There are an enormous number of refinancing programs available to borrowers. We can guide you to locate the refinance program that can fit your situation the best. Contact us at (281) 778-0805 to get started. There are some general things to have in mind while you consider the options.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan might be a wise choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of your mortgage loan, even as interest rates rise. This is particularly a wise option if you aren't planning a move within the next 5 years or so. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Refinancing to Cash Out

Are you refinancing mainly to pull out some of your equity for an infusion of cash? Your home needs updating; your daughter has gone to University and needs tuition; or you have a special family vacation planned. With this in mind, you will want to look for a loan for more than the remaining balance on your current mortgage.In that case, you You will be looking for a loan for a higher amount than the remaining balance on your existing mortgage in that case. If you've had your current mortgage loan for quite a while and/or have a mortgage whose interest rate is high, you may be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Do you want to cash out some equity to consolidate additional debt? Yes you can! If you have a fair amount of equity, paying off other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) could help save you a chunk of cash every month.

Paying it off Faster

Are you dreaming of paying your loan off sooner, while building up your home equity quicker? Consider refinancing with a shorterterm loan, often a 15-year mortgage. You will be paying less interest and growing your equity faster, even though your mortgage payments will generally be bigger than they were. Conversely, if your current long-term mortgage has a low remaining balance, and was closed a number of years ago, you may even be able to make the move without paying more each month. To help you understand your options and the multiple benefits of refinancing, please call us at (281) 778-0805. We are here for you.

Want to know more about refinancing your home? Call us: (281) 778-0805.

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