Choosing a Refinancing Option

There are a huge number of refinancing programs available to borrowers. Call us at (512) 335-7800 and we can match you with the refinance loan program that is best for your needs. What do you hope to achieve with refinancing? Considering in mind the following will help you narrow your choices.

Lowering Your Payments

Are achieving lower mortgage payments and an improved rate your main refinance goals? In that case, a low, fixed rate loan may be the ideal choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even as interest rates rise, a fixed-rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for about five more years, a fixed-rate loan may be an especially good fit for you. However, if you can see yourself moving before too long, an ARM with a small initial rate may be the ideal way to reduce your monthly payments.

Refinancing to Cash Out

Are you refinancing mainly to "cash out" some home equity? It could be you're going on a much needed vacation; you need to pay college tuition for your child; or you are updating your kitchen. With this in mind, you'll need to apply for a loan higher than the remaining balance of your current mortgage loan.In that case, you need If you've had your current mortgage loan for a number of years and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Do you hold other debt, maybe with high interest, that you need to consolidate? If you have the equity in your home for it, paying off other high interest debt (such as home equity loans, student loans, or credit cards) means you can save possibly several hundred dollars in your budget each month.

Getting a Shorter Term Loan

Are you wanting to fatten up your equity faster, and pay your mortgage off more quickly? You should consider refinancing to a short-term loan, like a 15-year mortgage. Even though your mortgage payments will likely be more, you can be paying less interest; so your equity will rise up faster. But, you could be able to make the change without a higher monthly payment if your longer term mortgage loan was closed a while ago, and the balance remaining is small. You may even pay less! To help you figure out your options and the many benefits in refinancing, please contact us at (512) 335-7800. We are here for you.

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

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