Which Refinancing Program is Right for You?

There are a huge number of refinancing options available to borrowers. Call us at 214-869-7339 and we'll help you qualify for the perfect refinance loan to fit your financial needs. There are several things to keep in mind as you look at 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 might be a good choice for you. Perhaps you are currently in a mortgage with a high, fixed interest rate, or a mortgage with which the rate of interest varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your loan, even as interest rates rise. If you aren't expecting to move in the near future (about 5 years), a fixed-rate mortgage can particularly be a good option. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced payments.

Refinancing to Cash Out

Are you hoping to cash out some of your home equity in your refinance? Your home needs updating; your daughter has been accepted to college and needs tuition; or you are taking your family on a cruise. In this case, you want to qualify for a loan above the remaining balance on your current mortgage loan.So you will need If you've had your current mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without making your monthly payment higher.

Debt Consolidation

Do you hold other debt, maybe with high interest, that you'd like to consolidate? If you own any debt with high interest (like credit cards or car loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have the home equity built up to make it work.

Building up Equity Faster

Are you dreaming of paying off your loan more quickly, while beefing up your equity quicker? If this is your hope, your refinance loan can switch you to a mortgage loan program with a shorter term, like a 15 year loan. Although your mortgage payments will likely be increased, you will save on interest; so your home equity will rise up faster. But, you might be able to switch without a higher monthly payment if your longer term mortgage was closed a while back, and the remaining balance is somewhat low. You may even make it lower! To help you understand your options and the many benefits of refinancing, please contact us at 214-869-7339. We are here for you.

Want to know more about refinancing your home? Call us at 214-869-7339.