Choosing a Refinancing Program

There are an enormous number of refinancing programs available to borrowers. We can help you locate the loan program that will fit your needs the best. Contact us at (512) 291-6100 to get things started. In order to review your choices, you'll need to consider your goals for the refinance.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be your best option. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed-rate mortgage will stay at the same, low interest rate, unlike an ARM. This kind of loan can be especially a good option if you don't think you'll be moving within the next 5 years or so. However, if you do see yourself moving in the near future, an adjustable rate mortgage with a small initial rate may be the ideal way to reduce your monthly payment.

Refinancing to Cash Out

Is your refinance goal mainly to "cash out" some home equity? It could be you're planning a special vacation; you need to pay tuition for your college-bound child; or you are updating your kitchen. So you want to get a loan higher than the remaining balance of your existing mortgage loan.In that case, you will need You might not increase your monthly payemnt, however, if you have had your current mortgage loan for a while, and/or your loan interest rate is high.

Consolidating Your Debt

Maybe you'd like to pull out some equity (cash out) to use toward other debt. If you have a fair amount of home equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might be able to save you a lot of money every month.

Paying it off Faster

Do you want to build up equity more quickly, and pay off your mortgage faster? If this is your hope, your refinance can switch you to a mortgage loan program with a shorter term, such as a 15 year loan. You will be paying less interest and increasing your home equity faster, even though your mortgage payments will generally be higher than they were. However, if you have held your current 30-year mortgage for a long time and the loan balance is somewhat low, you might be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you figure out your options and the numerous benefits in refinancing, please contact us at (512) 291-6100. We are here to help you reach your goals!

Curious about refinancing? Call us: (512) 291-6100.

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