Refinancing: Which Loan Program is for You?

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There are an enormous number of refinancing programs available to borrowers. We can guide you to select the loan program that will fit your situation the best. Contact us at (817) 821-5179 to begin the process. surveying your options, you need to think about what you want to achieve with the refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the ideal option for you. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — with which the rate of interest varies. Even if rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you set that low interest rate for the life of your loan. If you are not planning on moving in the near future (about five years), a fixed-rate mortgage can particularly be a good loan option. However, an ARM with a low intitial payment could be a smarter way to reduce your payments if you expect to move in the next few years.

Getting Out some Cash

Is your refinance goal primarily to pull out some equity for an infusion of cash? Your house needs updating; your daughter has gone to University and needs tuition money; or you are taking your family on a cruise. So you'll need to look for a loan above the balance remaining on your present mortgage.Then you want to need to find a loan for a higher amount than the balance remaining on your present mortgage. You may not have an increase in your monthly payemnt, however, if you have had your existing mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Debt

Do you want to pull out a portion of your home equity to consolidate other debt? Good plan! If you have the equity in your home to make it work, taking care of other debt with higher interest than the rate on your mortgage (for example: home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars each month.

Paying it off Faster

Are you planning to fatten your home equity faster, and pay your mortgage loan off sooner? Consider refinancing to a short-term loan, such as a 15-year mortgage. Your payments will likely be more than they were with the longer term loan, but in exchange, you will pay considerably less interest and can build up equity quicker. However, if you have had your current thirty year mortgage loan for a number of years and the loan balance is relatively low, you could be do this without raising your monthly payment — it's even possible to save! To help you figure out your options and the numerous benefits of refinancing, please contact us at (817) 821-5179. We are here for you.

Curious about refinancing your home? Give us a call at (817) 821-5179.