Which Refinancing Loan Program is Right for You?

There are an enormous number of refinancing options available to borrowers. Call us at 214-865-7442 and we will match you with the refinance program that fits you best. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you begin your decision process.

Making Your Payments Lower

Are achieving lower payments and a lower rate your main refinance goals? In that case, a good option may be a low fixed-rate loan. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage in which the interest rate varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your mortgage loan, even when interest rates rise. If you are planning to stay in your home for at least five more years, a fixed rate mortgage may be a particulary good choice for you. However, if you can see yourself selling your home within several years, an adjustable rate mortgage with a low initial rate may be the best way to reduce your monthly payment.

Refinancing to Cash Out

Is "cashing out" your primary reason for your refinance? It could be you want to pay for home improvements, pay your child's college tuition bill, or take your dream vacation. Then you'll need to find a loan for more than the remaining balance of your present mortgage loan.With this goal, you'll need However, if your interest rate is high now and you've had it for quite a few years, you may be able to accomplish your goals without making your monthly payments rise.

Consolidating Your Debt

Do you hold other debt, maybe with higher interest, that you'd like to consolidate? If you own some debt with higher interest (such as credit cards or car loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have enough equity.

Getting a Shorter Term Loan

Are you dreaming of paying your loan off sooner, while building up your home equity more quickly? Then, you need to look into refinancing to a short term mortgage loan - like a fifteen-year mortgage program. Although your mortgage payments will usually be increased, you can save on interest; so your home equity will rise up faster. But, you may be able to switch without a bigger monthly payment if your longer term mortgage was closed a while ago, and the remaining balance is somewhat low. You could even pay less! To help you determine your options and the many benefits of refinancing, please contact us at 214-865-7442. We are here for you.

Want to know more about refinancing? Call us: 214-865-7442.

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