Refinancing: Which Loan Program is for You?

The huge number of refinance options available is truly breathtaking. Contact us at 214-865-7442 and we will work with you to qualify you for the perfect refinance loan to fit your financial needs. surveying your options, you can list what you want to achieve with the refinance.

Making Your Payments Lower

Are achieving lower mortgage payments and a lower rate your main reasons for refinancing? If so, the best option could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even if rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you lock in the low interest rate for the term of your loan. If you are expecting to stay in your home for at least five more years, a loan with a fixed rate may be a particulary good fit for you. However, an ARM with a initial low payment could be a better way to lower your payments if you expect to move in the near future.

Cashing Out

Is "cashing out" your primary reason for your refinance? Perhaps you need to update your kitchen, take care of your college kid's tuition, or go on a special family vacation. In this case, you want to look for a loan higher than the balance remaining on your present mortgage.In this case, you will You'll need to qualify for a loan for a higher amount than the balance remaining on your present home loan in that case. If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment higher.

Consolidating Your Debt

Do you have other debt, perhaps with high interest, that you'd like to consolidate? If you hold some debt with steep interest (such as credit cards or vehicle loans), you might be able to pay that debt off with a lower rate loan through your refinance, if you have enough equity.

Switching to a Shorter Term Loan

Do you hope to build up home equity quicker, and have your mortgage paid off faster? Consider refinancing with a short-term loan, like a 15-year mortgage. You will be paying less interest and increasing your home equity faster, even though your monthly payments will usually be higher than they were. But, you might be able to make the change without a higher monthly mortgage payment if your longer term mortgage loan was closed a while back, and the balance remaining is small. You could even pay less! To help you understand your options and the numerous benefits in refinancing, please contact us at 214-865-7442. We are here to help you reach your goals!

Curious about refinancing? Call us at 214-865-7442.

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