Choosing a Refinancing Program

There are a huge number of refinancing programs available to borrowers. Contact us at (281) 778-0805 and we will match you with the refinance loan program that is ideal for your needs. There are several questions to ask yourself while you review your options.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, your best choice might be a low fixed-rate loan. Maybe you currently have a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — in which the interest rate varies. Even if interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. This kind of loan can be especially a good idea if you aren't planning a move within the next 5 years or so. However, an ARM with a initial low payment may be a wiser way to lower your payments if you expect to move in the next few years.

Refinancing to Cash Out

Are you wanting to cash out some of your home equity with your refinance? It could be you're planning a special vacation; you need to pay college tuition for your child; or you are updating your kitchen. So you will need to look for a loan above the balance remaining of your current mortgage.So you'll want If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without making your monthly payment bigger.

Consolidating Your Debt

Perhaps you'd like to cash out some of the home equity (cash out) to put toward other debt. If you have the home equity to make it work, taking care of other debt with higher interest than the rate on your mortgage (for example: home equity loans, student loans, or credit cards) means you can possible save hundreds of dollars monthly.

Building up Equity More Quickly

Do you want to build up equity more quickly, and pay off your mortgage sooner? If this is your wish, the refinance can move you to a loan program with a shorter term, such as a 15 year loan. The monthly payments will likely be higher than with a longer term mortgage, but the pay-off is: that you will pay considerably less interest and will build up equity more quickly. Conversely, if your current longer term mortgage has a low balance remaining, and was closed a while ago, you may be able to make the move without paying more each month. To help you figure out your options and the multiple benefits in refinancing, please contact us at (281) 778-0805. We would love to help you reach your goals!

Curious about refinancing? Give us a call: (281) 778-0805.

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