Refinancing: Which Loan Program is for You?

There aren't as many loan program choices as there are borrowers, but at times it feels like it! Contact us at (281) 778-0805 and we'll help you qualify for the best refinance loan for your financial situation. surveying your options, you can think about what you want to achieve with the refinance.

Lowering Your Payments

Are achieving lower mortgage payments and an improved rate your main reasons for refinancing? Then a low, fixed rate loan may be the ideal loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your loan, even as interest rates rise. This kind of loan can be particularly a wise option if you don't plan to move within the next 5 years or so. However, if you do see yourself selling your home in the near future, an ARM with a low initial rate could be the ideal way to reduce your monthly payments.

Refinancing to Cash Out

Is "cashing out" your main reason for your refinance? Your house needs renovating; your son has gone to college and needs tuition money; or you are planning a special vacation. In this case, you will need to apply for a loan above the balance remaining on your present mortgage loan.With this goal, you will need However, if your loan interest rate is high now and you have held it for a long time, you could be able to accomplish your goals without a rise in your mortgage payment.

Consolidating Debt

Do you want to pull out a portion of your equity to consolidate other debt? Yes you can! If you have built up some home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) may be able to save you a chunk of money each month.

Getting a Shorter Term Loan

Do you plan to build up equity more quickly, and pay off your mortgage sooner? Consider refinancing to a short-term loan, often a 15-year mortgage. The mortgage payments will likely be more than they were with the longer term mortgage, but in exchange, that you will pay quite a bit less interest and will build up equity quicker. Conversely, if your existing longer term mortgage loan has a small balance remaining, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you figure out your options and the multiple benefits of refinancing, please call us at (281) 778-0805. We would love to help you reach your goals!

Curious about refinancing your home? Give us a call at (281) 778-0805.

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