Refinancing: Which Loan Program is for You?

There are an enormous number of refinancing programs available to borrowers. Contact us at (512) 291-6100 and we can work with you to qualify you for the right refinance program for your needs. surveying your options, you should think about what you want to achieve with the refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan might be a good choice for you. Maybe you currently hold a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the interest rate varies. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of the mortgage loan, even when interest rates rise. If you plan to stay in your home for at least five more years, a fixed rate loan may be an especially good fit for you. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced mortgage payments.

Getting Out some Cash

Are you hoping to cash out some of your equity with your refinance? Maybe you need to pay for home improvements, pay your child's college tuition bill, or go on a an Alaskan cruise. So you will need to find a loan for more than the remaining balance on your present mortgage.With this goal, you will want If you've had your current mortgage loan for a number of years and/or have a mortgage loan with high interest, you might\could be able to do this without making your monthly payment higher.

Consolidating Debt

Do you want to cash out some of your home equity to consolidate other debt? Great plan! If you own any higher interest debts (like credit cards or vehicle loans), you may be able to take care of that debt with a loan with a lower rate through your refinance, if you have enough home equity.

Building up Equity More Quickly

Do you need to build up home equity quicker, and have your mortgage paid off faster? In that case, you'll need to find out about refinancing to a short term mortgage - for example, a fifteen-year mortgage loan. Even though your monthly payment amount will likely be more, you can be paying less interest; so your equity amount will rise up faster. However, if you have held your existing 30 year mortgage loan for a number of years and the remaining balance is rather low, you may be able to do this without raising your monthly payment — it's even possible to save! To help you figure out your options and the numerous benefits in refinancing, please call us at (512) 291-6100. We are here for you.

Curious about refinancing? Give us a call at (512) 291-6100.

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