Which Refinancing Option is Right for You?
The number of refinance options available to borrowers is truly breathtaking. Contact us at (281) 778-0805 and we will match you with the refinance program that is ideal for you. In the interest of looking at your options, you can list what you want to achieve with the refinance.
Lowering Your Payments
Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan may be a good choice for you. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — with which the rate of interest can vary. Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your mortgage loan, even when interest rates rise. If you are planning to live in your home for at least five more years, a fixed-rate loan may be a particulary good option for you. However, an ARM with a initial low payment could be a smarter way to lower your monthly payments if you expect to move in the next few years.
Getting Out some Cash
Are you wanting to cash out some of your home equity with your refinance? Your home needs new carpet; your son has been accepted to college and needs tuition money; or you have a special family vacation planned. Then you will want to find a loan for more than the balance remaining on your present mortgage.So you will need You might not have an increase in your monthly payemnt, though, if you have had your current mortgage for a long time, and/or your loan interest rate is high.
Do you want to pull out a portion of your equity to consolidate additional debt? Yes you can! If you own some higher interest debts (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 enough home equity.
Building up Equity Faster
Do you plan to build up home equity quicker, and pay off your mortgage faster? In that case, you'll need to look into refinancing to a short term mortgage - for example, a fifteen-year loan. You will be paying less interest and increasing your equity faster, even though your monthly payments will generally be bigger than you have been paying. Conversely, if your existing long-term loan has a low balance remaining, and was closed a number of years ago, you may be able to make the change without paying more each month. To help you determine your options and the multiple benefits in refinancing, please contact us at (281) 778-0805. We are here for you.
Curious about refinancing? Call us: (281) 778-0805.