Which Refinancing Loan Program is Right for You?

The number of refinance options available to borrowers is truly breathtaking. Contact us at (281) 778-0805 and we will work with you to qualify you for the best refinance loan program to fit your financial situation. surveying your choices, you need to determine your goals for the refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan could be a good choice for you. Perhaps you are now in a mortgage with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your loan, even as interest rates rise. If you are not planning a move in the near future (about 5 years), a fixed-rate mortgage can particularly be a good loan option. But if you do plan to move more quickly, you will want to consider an ARM with a low initial rate to get lower payments.

Refinancing to Cash Out

Are you planning to cash out some of your home equity with your refinance? Your home needs renovating; your daughter has gone to University and needs tuition money; or you have a special family vacation planned. With this in mind, you will want to find a loan above the balance remaining on your present mortgage loan.In that case, you'll need If you've had your existing mortgage loan for quite a while and/or have a mortgage loan with high interest, you may be able to do this without increasing your mortgage payment.

Consolidating Debt

Do you have other debt, maybe with higher interest, 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 right amount of equity.

Switching to a Shorter Term Loan

Are you planning to fatten your equity faster, and pay off your mortgage more quickly? Consider refinancing to a shorterterm loan, often a 15-year mortgage. You will be paying less interest and increasing your equity more quickly, although your monthly payments will generally be more than you were paying. But, you could be able to switch without a higher monthly payment if your longer term mortgage was closed a while back, and the remaining balance is low. You may even pay less! To help you understand your options and the many benefits in refinancing, please call us at (281) 778-0805. We are here to help you reach your goals!

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

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