Choosing a Refinancing Loan

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There are a huge number of refinancing options available to borrowers. We can guide you to select the refinance loan program that will fit your needs the best. Contact us at (817) 235-3089 to begin the process. In the interest of looking at your options, you'll need to think about your goals for the refinance.

Reducing Your Monthly Payments

Are achieving reduced payments and a lower rate your main refinance goals? Then your 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 when rates get higher later, unlike with your ARM, when you qualify for a mortgage with a fixed rate, you set the low interest rate for the life of your loan. If you aren't expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can especially be a great loan option. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve reduced monthly payments.

Cashing Out

Are you wanting to cash out some of your home equity with your refinance? Maybe you want to pay for home improvements, take care of your college kid's tuition, or go on a dream vacation. With this in mind, you will need to find a loan for more than the remaining balance on your existing mortgage loan.So you'll want to qualify for a loan program for a higher number than the balance remaining on your existing mortgage. If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.

Debt Consolidation

Maybe you want to cash out some of the home equity (cash out) to use toward other debt. If you have the equity in your home for it, taking care of other high interest debt (like home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars monthly.

Getting a Shorter Term Loan

Do you need to build up home equity quicker, and have your mortgage paid off faster? If this is your wish, your refinance can move you to a loan program with a shorter term, like a 15 year loan. You will be paying less interest and growing your home equity faster, although your monthly payments will generally be bigger than they were. On the other hand, if your current long-term mortgage loan has a small balance remaining, and was closed a number of years ago, you may be able to make the change without paying more each month. To help you figure out your options and the multiple benefits in refinancing, please call us at (817) 235-3089. We are here for you.

Want to know more about refinancing your home? Call us at (817) 235-3089.