Choosing a Refinancing Program

There are an enormous number of refinancing programs available to borrowers. We can guide you to find the refinance program that will fit your financial situation the best. Contact us at (832) 730-2000 to get started. There are some general things to bear in mind while you review the options.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, a good option might be a low fixed-rate loan. Perhaps you are currently in a mortgage with a high, fixed interest rate, or a mortgage loan with which the interest rate 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. This kind of loan is especially a wise choice if you aren't planning a move within the next five years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower monthly payments.

Refinancing to Cash Out

Are you refinancing mainly to pull out some of your home equity for an infusion of cash? Your home needs renovating; your daughter has gone to University and needs tuition; or you are planning a special vacation. In this case, you want to look for a loan higher than the balance remaining of your current mortgage.Then you will need However, if your interest rate is high now and you have held it for a long time, you may be able to accomplish your goals without an increase in your mortgage payment.

Consolidating Debt

Maybe you'd like to pull out some home equity (cash out) to use toward other debt. If you own any debt with high interest (like credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate through your refinance, if you have the equity built up to make it work.

Building up Equity Faster

Are you wanting to fatten up your home equity faster, and get your mortgage paid off sooner? Consider refinancing to a shorterterm loan, such as a 15-year mortgage. Even though your monthly payments will probably be increased, you will be paying less interest; so your equity will rise up faster. Conversely, if your existing longer term loan has a small remaining balance, and was closed a number of years ago, you may even be able to make the switch without paying more each month. To help you determine your options and the numerous benefits in refinancing, please contact us at (832) 730-2000. We are here to help you reach your goals!

Want to know more about refinancing? Give us a call at (832) 730-2000.

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