REFINANCING
Most People always wonder, what does this mean? and what is Refinancing?
This is the process where you can redo your existing loan and replace with a new loan. There are few reasons why most homeowners decide to do refinancing:
- If you are paying a higher interest rate and market is offering a better lower rate (typically 1% or greater difference) then you should consider refinancing your existing home mortgage; however consult with your local lender for best options.
- If you have an ARM (Adjustable Rage Mortgage) then you should definitely consider refinancing option (consult with your lender for best options); and consider getting a fixed interest rate mortgage.
- If you have met 20% or more equity in your primary home and market interest rates are good and the lender suggests refinancing, then definitely take advantage by removing escrow & fees.
- Basic idea of refinancing is to lower your payment and if that is not achievable then you probably should not consider doing refinancing as your closing costs will be due at closing and loan does start again from scratch. So number wise this all has to make sense, must be beneficial and your lender will advise if it is good idea or not. Always consult with your local lender for best available options.
FEW LOCAL LENDERS THAT CAN HELP YOU WITH REFINANCING OPTIONS:
Dan Cantu / Jenny Duley
713.805.5454 (call or text) / 281.704.8155 (call or text)
Loan Officers
John Wren
281.650.4351 (call or text)
Loan Officer
Anna Babineaux
713.907.5365 (call or text)
Loan Officer
Cori Scherer
832.689.9592 (call or text)
Loan Officer
Give us a call or text 281.497.1670 or email us Office@TexasTierRealty.com and we would be happy to connect you with a great local lender.
Note: The local lenders here for references and information purposes only. As you are free to choose any lender you like and feel comfortable to work with! Thank You.