Selecting a Refinancing Program

There are a huge number of refinancing programs available to borrowers. We can guide you to choose the refinance program that will fit your financial situation the best. Contact us at (512) 335-7800 to begin the process. There are some general things to have 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? If so, getting a low, fixed-rate loan could be a wise option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. This is especially a good idea if you don't think you will sell your home within the next 5 years or so. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate to get lower mortgage payments.

Refinancing to Cash Out

Is "cashing out" your primary reason for refinancing? It could be you want to update your kitchen, take care of your college kid's tuition, or take your dream vacation. In this case, you'll need to find a loan above the balance remaining on your existing mortgage loan.With this goal, you will need However, if your loan interest rate is currently high and you've held it for a long time, you could be able to accomplish your goals without an increase in your mortgage payment.

Consolidating Your Debt

Perhaps you hope to pull out some equity in your home (cash out) to put toward other debt. If you have built up some home equity, paying toward other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) might be able to save you a chunk of cash each month.

Paying it off Sooner

Are you wanting to fatten up your home equity faster, and pay your mortgage off more quickly? If this is your plan, the refinance mortgage can switch you to a mortgage program with a short, such as a 15 year loan. Your monthly payments will likely be more than with your longer term mortgage loan, but the pay-off is: that you will pay considerably less interest and will build up equity more quickly. But, you may be able to switch without much increase in your monthly mortgage payment if your longer term loan was closed a while ago, and the remaining balance is low enough. You could even make it lower! To help you figure out your options and the many benefits of refinancing, please contact us at (512) 335-7800. We are here for you.

Curious about refinancing your home? Give us a call: (512) 335-7800.

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