Choosing a Refinancing Option

There are not as many refinance loan options as there are borrowers, but it seems like it sometimes! We can guide you to locate the loan program that can fit your needs the best. Contact us at 512-302-9410 to get started. What are your reasons for your refinance loan? Considering in mind the information below will help you narrow your choices.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the best option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even when interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is especially a wise choice if you don't plan to move within the next 5 years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Refinancing to Cash Out

Is your refinance goal mainly to pull out some of your equity for an infusion of cash? It could be you need to make home improvements, pay your child's college tuition bill, or take a cruise. Then you will want to qualify for a loan for more than the balance remaining of your present mortgage loan.In this case, you will need 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 increasing your monthly payment.

Consolidating Your Debt

Do you want to pull out some equity to consolidate additional debt? Excellent idea! If you hold some debt with steep interest (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of equity.

Paying it off Faster

Are you hoping to fatten up your equity faster, and get your mortgage paid off sooner? Then, you'll want to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. Even though your mortgage payment amount will probably be more, you can be paying less interest; so your equity amount will build up faster. However, if you have held your existing 30-year loan for a number of years and the loan balance is rather low, you might be do this without raising your monthly payment — it's even possible to save! To help you determine your options and the numerous benefits of refinancing, please call us at 512-302-9410. We will help you reach your goals!

Curious about refinancing? Give us a call: 512-302-9410.

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