Refinancing: Which Loan Program is for You?

The number of refinance options available is truly breathtaking. Call us at (281) 778-0805 and we will help you qualify for the right refinance program to fit your financial situation. surveying your options, you will need to consider what you want to achieve with the refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is especially a wise option if you don't think you'll be selling your home within the next 5 years or so. On the other hand, if you do see yourself selling your home in the near future, an ARM mortgage with a small initial rate could be the best way to bring down your monthly payments.

Refinancing to Cash Out

Are you hoping to cash out some of your equity with your refinance? Maybe you need to make home improvements, pay your child's college tuition bill, or take your dream vacation. So you'll want to get a loan for more than the remaining balance on your existing mortgage loan.With this goal, you want You may not increase your mortgage payemnt, though, if you have had your existing mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Debt

Maybe you hope to pull out some equity in your home (cash out) to put toward other debt. If you own some debt with steep interest (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan with your refinance, if you have the equity built up to make it work.

Switching to a Shorter Term Loan

Are you hoping to fatten up your equity faster, and pay off your mortgage loan sooner? Consider refinancing with a shorterterm loan, often a 15-year mortgage loan. Your mortgage payments will likely be higher than with a longer term loan, but the pay-off is: you will pay quite a bit less interest and can build up equity more quickly. However, if you've held your existing 30-year mortgage for a long time and the loan balance is rather low, you may be able to do this without increasing your mortgage payment — you could even be able to save! To help you figure out your options and the many benefits in refinancing, please call us at (281) 778-0805. We are here for you.

Curious about refinancing your home? Call us: (281) 778-0805.

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