Choosing a Refinancing Option

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When you are overwhelmed with so many options, it may seem as if there are even more refinance programs than applicants! Call us at 817-616-3651 and we can match you with the refinance program that is ideal for your needs. In the interest of looking at your options, you should think about your goals for the refinance.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? If so, a good choice might be a low fixed-rate loan. Maybe you currently have a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — with which the rate of interest can vary. Even if interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you expect to stay in your home for at least five more years, a loan with a fixed rate may be an especially good fit for you. However, an ARM with a low initial payment may be a wiser way to reduce your monthly payments if you expect to move in the next few years. By refinancing your existing mortgage loan, you could wind up paying more in finance charges over the life of the loan.

Getting Out Some Cash

Is "cashing out" your primary reason for your refinance? Your house needs improvements; your daughter has gone to college and needs tuition money; or you have a special family vacation planned. In this case, you want to find a loan higher than the balance remaining of your present mortgage loan.Then you will want If you've had your current mortgage loan for a long time and/or have a high interest mortgage, you may be able to do this without making your mortgage payment bigger.

Consolidating Debt

Do you hold other debt, maybe with high interest, that you want to consolidate? If you have the equity in your home to make it work, paying off other high interest debt (for example: credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars in your budget each month.

Paying it off Faster

Are you dreaming of paying your loan off faster, while building up your home equity quicker? If this is your wish, your refinance loan can switch you to a loan program with a shorter term, such as a 15 year loan. Even though your mortgage payments will probably be more, you can save on interest; so your home equity will build up faster. Conversely, if your existing long-term mortgage has a small balance remaining, and was closed a number of years ago, you may be able to make the switch without paying more each month. To help you figure out your options and the multiple benefits of refinancing, please contact us at 817-616-3651. We are here for you.

Curious about refinancing your home? Call us at 817-616-3651.

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