Selecting a Refinancing Loan

There are not as many loan program choices as there are borrowers, but it seems like it sometimes! Contact us at 512-302-9410 and we'll help you qualify for the best refinance loan program to fit your financial needs. There are several questions to ask yourself as you look at the options.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan could be a good choice for you. Maybe you are currently in a mortgage with a high, fixed interest rate, or a mortgage in which the interest rate varies - an adjustable rate mortgage (ARM). Even when rates get higher later, unlike with your ARM, when you get a fixed rate mortgage, you lock in the low interest rate for the term of your loan. If you plan to stay in your home for about five more years, a fixed-rate loan may be a particulary good fit for you. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower payments.

Refinancing to Cash Out

Are you hoping to cash out some of your home equity with your refinance? Perhaps you want to pay for home improvements, pay your child's college tuition bill, or go on a special family vacation. With this in mind, you will need to find a loan above the balance remaining on your present mortgage.In that case, you want You might not have an increase in your monthly payemnt, though, if you have had your existing loan for a long time, and/or your interest rate is high.

Debt Consolidation

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

Paying it off Sooner

Are you wanting to fatten your home equity faster, and pay your mortgage loan off more quickly? If this is your hope, the refinance mortgage can change you to a mortgage loan program with a shorter term, like a 15 year loan. Even though your mortgage payments will usually be increased, you will be paying less interest; so your equity amount will rise up faster. On the other hand, if your existing long-term mortgage loan has a small balance remaining, and was closed a number of years ago, you may even be able to make the move without paying more each month. To help you understand your options and the multiple benefits in refinancing, please contact us at 512-302-9410. We are here for you.

Curious about refinancing your home? Call us: 512-302-9410.

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