Which Refinancing Loan Program is Best for You?
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The number of refinance options available to borrowers is truly breathtaking. We can guide you to locate the refinance program that will fit your situation the best. Call us at 281-542-7392 to get things started. surveying your choices, you should determine your goals for the refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan might be a wise 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 if interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. If you are planning to live in your home for at least five more years, a loan with a fixed rate may be a particularly good fit for you. But if you do expect to sell your home more quickly, you will need to consider an ARM with a low initial rate to get lower mortgage payments. Refinancing may also cause your finance charges to be higher over the life of the loan.
Getting Out Some Cash
Is "cashing out" your main reason for refinancing? Maybe you need to update your kitchen, pay your child's college tuition bill, or go on a an Alaskan cruise. In this case, you want to get a loan higher than the remaining balance on your existing mortgage loan.With this goal, you need You may not increase your mortgage payment, though, if you've had your existing loan for a number of years, and/or your loan interest rate is high.
Consolidating Your Debt
Maybe you hope to pull out some home equity (cash out) to put toward other debt. If you have built up some equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may be able to save you a lot of cash each month.
Paying it off Faster
Are you hoping to fatten up your home equity faster, and get your mortgage paid off sooner? Consider refinancing with a short-term loan, like a 15-year mortgage. You will be paying less interest and growing your home equity faster, although your payments will generally be higher than you were paying. But, you may be able to make the change without a higher monthly payment if your longer term loan was closed a while ago, and the balance remaining is somewhat low. You may even pay less! To help you determine your options and the numerous benefits in refinancing, please call us at
281-542-7392. We would love to help you reach your goals!
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