Which Texas Refinancing Option is Right for You?

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When you are overwhelmed with all the options, it may seem as if there are even more Texas refinance programs than applicants! We can help you locate the Texas loan program that can fit your financial situation the best. Contact us at 972-447-5778 to get started. There are several questions to ask yourself as you consider your choices.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your Texas mortgage payments? Then a low, fixed rate loan may be your best option. Perhaps you are currently in a Texas mortgage with a high, fixed interest rate, or a Texas mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you plan to live in your home for about five more years, a fixed-rate loan may be an especially good option for you. But if you do expect to sell your Texas home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced Texas mortgage payments.

Getting Out some Cash

Are you refinancing mainly to "cash out" some Texas home equity? Maybe you want to update your kitchen, pay your child's college tuition bill, or take a cruise. With this in mind, you will want to qualify for a Texas loan above the balance remaining on your present Texas mortgage loan. With this goal, you want to find a Texas loan program for a bigger amount than the balance remaining on your current Texas mortgage. You might not have an increase in your monthly payment, however, if you've had your current Texas mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Debt

Do you have other debt, maybe with higher interest, that you need to consolidate? If you have the Texas home equity to make it work, taking care of other high interest debt (like car loans, credit cards, student loans, or Texas home equity loans) means you can possible save hundreds of dollars in your budget each month.

Building up Equity Faster

Are you dreaming of paying off your loan faster, while building up your equity quicker? If this is your plan, the Texas refinance can change you to a Texas mortgage program with a shorter term, like a 15 year loan. Even though your Texas mortgage payments will probably be increased, you will be paying less interest; so your Texas home equity will rise up faster. However, if you've had your existing 30 year mortgage for a long time and the remaining balance is somewhat low, you may be able to do this without increasing your Texas mortgage payment — you could even be able to save! To help you figure out your options and the many benefits of refinancing, please call us at 972-447-5778. We are here for you.

Curious about refinancing your Texas home? Give us a call at 972-447-5778.