Which Refinancing Program is Best for You?

There are a huge number of refinancing programs available to borrowers. We can help you locate the refinance program that will fit your needs the best. Call us at (281) 778-0805 to get things started. There are some general things to have in mind while you look at your options.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? Then a good option could be a low fixed-rate loan. Perhaps you now hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the interest rate varies. Even when rates rise later, unlike with your ARM, when you get a fixed-rate mortgage, you lock in the low rate for the life of your mortgage. If you are expecting to stay in your home for at least five more years, a loan with a fixed rate may be an especially good choice for you. However, if you do see yourself moving before too long, an ARM with a low initial rate may be the ideal way to reduce your monthly payment.

Getting Out some Cash

Are you wanting to cash out some of your equity with your refinance? It could be you want to pay for home improvements, take care of your college kid's tuition, or take your family on a dream vacation. With this in mind, you will need to look for a loan above the remaining balance of your current mortgage.Then you will You'll be looking for a loan for a higher amount than the balance remaining on your current mortgage in this case. However, if your mortgage rate is currently high and you have held it for quite a few years, you could be able to reach your goals without making your monthly payments higher.

Consolidating Your Debt

Maybe you'd like to pull out some home equity (cash out) to put toward other debt. If you hold some debt with higher interest (like credit cards or car loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have enough equity.

Building up Equity Faster

Are you dreaming of paying off your loan sooner, while beefing up your equity more quickly? If this is your hope, your refinance mortgage can change you to a loan program with a short, for example: a 15 year loan. You will be paying less interest and growing your equity faster, even though your mortgage payments will likely be higher than you have been paying. But, you may be able to switch without much increase in your monthly payment if your long term loan was closed a while ago, and the balance remaining is low enough. You may even pay less! To help you figure out your options and the multiple benefits in refinancing, please contact us at (281) 778-0805. We are here for you.

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

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