Refinancing: Which Option is for You?

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There are an enormous number of refinancing options available to borrowers. We can guide you to choose the refinance program that can fit your financial situation the best. Contact us at 214.485.2200 to begin the process. There are some general things to have in mind as you look at the options.

Lowering Your Payments

Are achieving reduced payments and an improved rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even if rates get higher later, unlike with your ARM, when you qualify for a mortgage with a fixed rate, you lock in the low interest rate for the term of your loan. A fixed-rate mortgage can be particularly a good choice if you don't think you'll be selling your home within the next five years or so. However, if you can see yourself selling your home within the next few years, an ARM mortgage with a low initial rate may be the best way to lower your monthly payments.

Getting Out some Cash

Are you hoping to cash out some of your home equity with your refinance? Your home needs new carpet; your daughter has been accepted to college and needs tuition; or you are taking your family on a cruise. Then you will want to get a loan above the balance remaining on your present mortgage.With this goal, you'll You will be looking for a loan for more than the remaining balance with your present mortgage loan in that case. However, if your interest rate is currently high and you have held it for a long time, you may be able to achieve your goals without making your mortgage payments rise.

Debt Consolidation

Do you have other debt, perhaps with higher interest, that you need to consolidate? If you hold any debt with high interest (like credit cards or car loans), you might be able to take care of that debt with a lower rate loan with your refinance, if you have the home equity built up to make it work.

Switching to a Shorter Term Loan

Are you dreaming of paying off your loan faster, while beefing up your home equity more quickly? If this is your hope, your refinance can change you to a mortgage loan program with a short, for example: a 15 year loan. Although your monthly payment amount will usually be more, you can save on interest; so your equity amount will build up faster. On the other hand, if your existing long-term mortgage loan has a small remaining balance, and was closed a while ago, you might be able to make the switch without paying more each month. To help you figure out your options and the numerous benefits of refinancing, please contact us at 214.485.2200. We can help you reach your goals!

Want to know more about refinancing? Give us a call: 214.485.2200.