Which Refinancing Option is Best for You?

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There are a huge number of refinancing options available to borrowers. Call us at 469.450.9453 and we'll work with you to qualify you for the right refinance loan program to fit your financial needs. What do you hope to achieve with refinancing? Considering in mind the information below will help you narrow your choices.

Reducing Your Monthly Payments

Are achieving better mortgage payments and a better rate your main refinance goals? If so, getting a low, fixed-rate loan could be a good choice for you. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a mortgage with which the interest rate varies : an adjustable rate mortgage (ARM). Even when rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you set that low interest rate for the life of your loan. If you are expecting to stay in your home for about five more years, a fixed-rate loan may be an especially good fit for you. However, an ARM with a initial low payment could be a better way to lower your payments if you plan on moving in the next few years.

Refinancing to Cash Out

Is "cashing out" your primary reason for refinancing? Your home needs renovating; your son has been accepted to college and needs tuition; or you are planning a special vacation. Then you will want to get a loan higher than the balance remaining on your current mortgage loan.So you will You will need to find a loan for a bigger amount than the remaining balance on your existing mortgage in that case. However, if your interest rate is high now and you've had it for a long time, you may be able to accomplish your goals without making your monthly payments increase.

Consolidating Debt

Do you hold other debt, perhaps with higher interest, that you'd like to consolidate? If you hold any higher interest debts (like credit cards or car loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have the equity built up to make it work.

Paying it off Sooner

Are you planning to fatten your equity faster, and pay your mortgage loan off sooner? You should consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. Your mortgage payments will likely be more than they were with a long-term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and can build up equity quicker. But, you might be able to switch without a bigger monthly payment if your long term loan was closed a while ago, and the remaining balance is small. You may even pay less! To help you determine your options and the multiple benefits in refinancing, please call us at 469.450.9453. We are here for you.

Want to know more about refinancing? Call us at 469.450.9453.