Which Refinancing Option is Best for You?

Shopping for a mortgage loan? We'd be thrilled to discuss your mortgage needs! Call us at (512) 422-9036. Ready to get started? Apply Now.

When you are overwhelmed with all the choices, it may seem like there are even more refinance programs than applicants! We can help you choose the loan program that can fit your financial situation the best. Call Ann Jones at (512) 422-9036 to begin evaluating whether or not a refinance is in your best interest.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan could be a wise choice for you. 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 come up later, unlike with your ARM, when you qualify for a fixed rate mortgage, you lock in the low interest rate for the term of your mortgage. If you are not expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can particularly be a great loan option. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate to get reduced payments.

Getting Out some Cash

Are you hoping to cash out some of your home equity in your refinance? Maybe you want to pay for home improvements, take care of your college kid's tuition, or take your dream vacation. With this in mind, you will need to find a loan for more than the remaining balance of your current mortgage.With this goal, you will You will want to get a loan for more than the current balance with your present mortgage loan in that case. However, if your mortgage rate is high now and you've had it for quite a few years, you could be able to achieve your goals without a rise in your mortgage payment.

Consolidating Your Debt

Do you have other debt, perhaps with high interest, that you need to consolidate? If you have the equity in your home for it, taking care of other high interest debt (for example: home equity loans, student loans, or credit cards) means you may be able to save several hundred dollars in your budget each month.

Building up Equity Faster

Do you hope to build up home equity more quickly, and have your mortgage paid off faster? You should consider refinancing with a shorter term loan, such as a 15-year mortgage loan. The payments will likely be higher than with a long-term loan, but in exchange, that you will pay quite a bit less interest and will build up equity more quickly. However, if you've had your current 30-year mortgage loan for a number of years and the loan balance is relatively low, you might be able to do this without raising your monthly mortgage payment — it's even possible to save! To help you understand your options and the numerous benefits of refinancing, please call us at (512) 422-9036. We would love to help you reach your goals!

Want to know more about refinancing your home? Call us: (512) 422-9036.

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