Which Refinancing Program is Best for You?

There are a huge number of refinancing programs available to borrowers. Contact us at 972.798.2110 and we'll help you qualify for the best refinance program for your situation. There are several things to have in mind as you review the choices.

Reducing Your Monthly Payments

Are getting lower mortgage payments and an improved rate your main reasons for refinancing? In that case, a low, fixed rate loan may be your best option. Maybe you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate varies. Even if interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. If you are not planning a move in the near future (about 5 years), a fixed rate mortgage loan can especially be a good choice. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower monthly payments.

Getting Out some Cash

Is "cashing out" your main reason for refinancing? Your home needs updating; your son has been accepted to college and needs tuition money; or you are planning a special vacation. Then you'll need to qualify for a loan above the balance remaining of your current mortgage loan.So you You'll want to apply for a loan for more than the balance remaining with your current mortgage loan in that case. If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment bigger.

Consolidating Debt

Perhaps you want to cash out some home equity (cash out) to put toward other debt. If you have the equity in your home to make it work, taking care of other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars monthly.

Building up Equity More Quickly

Are you dreaming of paying your loan off more quickly, while building up your equity faster? You should consider refinancing to a shorterterm loan, often a 15-year mortgage. You will be paying less interest and growing your home equity faster, although your payments will generally be bigger than you were paying. Conversely, if your existing longer term mortgage loan has a low balance remaining, and was closed a while ago, you could be able to make the move without paying more each month. To help you determine your options and the multiple benefits in refinancing, please call us at 972.798.2110. We are here to help you reach your goals!

Curious about refinancing? Call us at 972.798.2110.

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