Selecting a Refinancing Program
There are a huge number of refinancing programs available to borrowers. Contact us at (832) 730-2000 and we'll help you qualify for the perfect loan program for your needs. In order to review your options, you should determine your goals for your refinance.
Reducing Your Monthly Payments
Are getting reduced mortgage payments and a better rate your main refinance goals? Then a good choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even if rates get higher later, unlike with your ARM, when you close a fixed-rate mortgage, you set the low rate for the life of your loan. If you expect to stay in your home for about five more years, a fixed rate loan may be an especially good fit for you. However, an ARM with a initial low payment could be a better way to reduce your monthly payments if you plan on moving within the near future.
Refinancing to Cash Out
Are you refinancing mainly to "cash out" some home equity? Maybe you're planning a special vacation; you have to pay college tuition for your child; or you are planning some home improvements. In this case, you'll need to get a loan above the remaining balance on your present mortgage loan.So you will want to need to find a loan for a bigger amount than the balance remaining on your current mortgage. If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your monthly payment.
Do you want to cash out some home equity to consolidate additional debt? Yes you can! If you own some 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 enough home equity.
Getting a Shorter Term Loan
Are you wanting to fatten your equity faster, and get your mortgage paid off more quickly? If this is your hope, your refinance mortgage can move you to a loan program with a short, such as a 15 year loan. Even though your mortgage payments will usually be more, you can be paying less interest; so your equity amount will rise up faster. However, if you have held your existing thirty-year mortgage for a number of years and the remaining balance is somewhat low, you may be do this without increasing your mortgage payment — you could even be able to save! To help you understand your options and the numerous benefits of refinancing, please contact us at (832) 730-2000. We will help you reach your goals!
Want to know more about refinancing your home? Give us a call: (832) 730-2000.