Refinancing: Which Program is for You?

Although it seems like it at times, there aren't as many loan options as there are applicants! Call us at (512) 335-7800 and we can match you with the refinance program that is ideal for you. In order to review your options, you will need to think about your goals for the refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be your best option. Maybe you now have a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — with which the interest rate varies. Even if interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. If you are planning to stay in your home for about five more years, a loan with a fixed rate may be an especially good option for you. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower payments.

Getting Out some Cash

Is "cashing out" your primary reason for your refinance? Your house needs new carpet; your son has gone to University and needs tuition; or you are taking your family on a cruise. In this case, you will need to find a loan above the remaining balance on your current mortgage.Then you want to qualify for a loan program for a higher number than the balance remaining on your present mortgage loan. If you've had your current 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.

Consolidating Your Debt

Perhaps you'd like to cash out a portion of the home equity (cash out) to use toward other debt. If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you can possible save several hundred dollars monthly.

Building up Equity More Quickly

Are you wanting to fatten up your home equity faster, and get your mortgage paid off sooner? If this is your goal, the refinance can change you to a loan program with a shorter term, for example: a 15 year loan. Your mortgage payments will probably be higher than with a long-term mortgage loan, but the pay-off is: that you will pay considerably less interest and will build up equity more quickly. However, if you've held your current thirty year mortgage loan for a long time and the remaining balance is somewhat low, you may be do this without raising your mortgage payment — it's even possible to save! To help you figure out your options and the multiple benefits of refinancing, please contact us at (512) 335-7800. We are here for you.

Curious about refinancing? Call us: (512) 335-7800.

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