Refinancing: Which Loan Program is for You?

	In the market for a new mortgage loan? We can assist you! Call us at (972)359-7766. Ready to begin? Apply Online Now.

There are not as many loan programs as there are applicants, but it feels like it sometimes! Call us at (972)359-7766 and we will match you with the refinance program that best fits you. In order to review your choices, you will need to determine what you want to achieve with your refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan could be a good option for you. Perhaps you are currently in a mortgage with a high, fixed interest rate, or a mortgage with 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, even when interest rates rise. If you plan to live in your home for about five more years, a loan with a fixed rate may be a particularly good option for you. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve reduced payments.

Cashing Out

Is "cashing out" your main reason for your refinance? Perhaps you want to pay for home improvements, pay your child's college tuition bill, or go on a an Alaskan cruise. With this in mind, you'll need to get a loan higher than the balance remaining of your current mortgage loan.Then you will want You might not have an increase in your mortgage payment, however, if you've had your current mortgage loan for a while, and/or your loan interest rate is high.

Consolidating Debt

Maybe you hope to cash out a portion of the equity in your home (cash out) to put toward other debt. If you have built up some equity, paying off other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) might be able to save you a chunk of money each month.

Building up Equity Faster

Do you need to build up home equity quicker, and pay off your mortgage more quickly? In that case, you need to find out about refinancing to a short term mortgage - for example, a fifteen-year loan. Even though your monthly payments will usually be more, you will be paying less interest; so your equity amount will build up faster. But, you may be able to switch without a higher monthly mortgage payment if your long term mortgage was closed a while ago, and the remaining balance is somewhat low. You could even make it lower! To help you understand your options and the many benefits in refinancing, please call us at (972)359-7766. We are here for you.

Curious about refinancing? Give us a call: (972)359-7766.