Refinancing: Which Program is for You?

The huge number of refinance options available to borrowers can be overwhelming. Call us at 214-869-7339 and we will work with you to qualify you for the right refinance loan program to fit your situation. There are several questions to ask yourself as you consider your options.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan may be a good choice for you. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you plan to live in your home for about five more years, a fixed rate loan may be a particulary good option for you. However, an ARM with a initial low payment could be a wiser way to reduce your monthly payments if you expect to move in the next few years.

Refinancing to Cash Out

Is "cashing out" your primary purpose for your refinance? Your home needs renovating; your son has gone to University and needs tuition; or you are taking your family on a cruise. With this in mind, you'll need to get a loan above the balance remaining on your present mortgage loan.With this goal, you will need You might not increase your monthly payemnt, though, if you have had your existing loan for a while, and/or your loan interest rate is high.

Consolidating Your Debt

Do you want to pull out some home equity to consolidate other debt? Good idea! If you have the equity in your home to make it work, taking care of other high interest debt (such as home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars a month.

Building up Equity Faster

Do you need to build up home equity quicker, and have your mortgage paid off sooner? If this is your plan, the 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, although your monthly payments will generally be more than you have been paying. However, if you've held your existing 30 year loan for a number of years and the remaining balance is somewhat low, you may be able to do this without increasing your monthly payment — you could even be able to save! To help you figure out your options and the numerous benefits in refinancing, please call us at 214-869-7339. We are here for you.

Curious about refinancing? Give us a call at 214-869-7339.