Which Refinancing Loan Program is Best for You?

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The huge number of refinance options available to borrowers is truly breathtaking. Call us at (817) 366-8666 and we can match you with the refinance program that is best for your needs. surveying your options, you should determine your goals for your refinance.

Reducing Your Monthly Payments

Are achieving better mortgage payments and an improved rate your main refinance goals? Then your best option may be a low fixed-rate loan. Perhaps you are now in a mortgage with a high, fixed interest rate, or a mortgage in which the rate of interest varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of your loan, even when interest rates rise. A fixed-rate mortgage can be especially a good choice if you aren't expecting a move within the next five years or so. On the other hand, if you can see yourself moving within several years, an adjustable rate mortgage with a low initial rate could be the ideal way to lower your monthly payments.

Cashing Out

Are you hoping to cash out some of your equity with your refinance? Perhaps you're dreaming of a cruise; you have to pay college tuition for your child; or you are updating your kitchen. Then you will need to look for a loan higher than the balance remaining on your existing mortgage.Then you'll need However, if your interest rate is currently high 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

Do you want to cash out some of your equity to consolidate additional debt? Good idea! If you have the home equity for it, paying off other high interest debt (such as car loans, credit cards, student loans, or home equity loans) means you can save possibly hundreds of dollars monthly.

Building up Equity More Quickly

Do you want to build up equity quicker, and have your mortgage paid off more quickly? If this is your goal, the refinance can move you to a mortgage loan program with a short, such as a 15 year loan. Even though your mortgage payments will probably be more, you can save on interest; so your equity will build up faster. However, if you have held your current 30-year mortgage for a number of years and the loan balance is somewhat low, you could be do this without increasing your monthly payment — it's even possible to save! To help you understand your options and the multiple benefits in refinancing, please contact us at (817) 366-8666. We are here for you.

Want to know more about refinancing? Give us a call at (817) 366-8666.