Are you daunted by the interest rates your current mortgage has? Do you need to lower your monthly payments? Do you just need more cash? If you said, “Yes,” to one of these questions, then you may want to consider refinancing your Austin home.
Reasons to consider refinancing:
Fixed-rate to adjustable-rate mortgage
If you plan to sell your house in the next few years, refinance your home loan to an adjustable rate mortgage (ARM) may save you money. Adjustable rates have the potential to drop below typical fixed rates because the rate is changed each fiscal year. By refinancing to an adjustable rate mortgage you may have the opportunity to maximize your savings in the short term with minimal risk.
Adjustable-rate to fixed-rate mortgage
The low introductory rates of adjustable rate mortgages may be appealing at the beginning of your loan term. Once your loan matures, that variable rate may become daunting or stressful. It may be possible to refinance your adjustable rate mortgage to a fixed rate home loan. A fixed-rate loan is a loan with a guaranteed yearly interest rate that will remain the same for the life of the loan.
Over the long run, a fixed rate home loan may save you money on your interest payments, and can also be easier to plan for in your monthly budget.
Long-term to short-term home loan
Looking to pay your mortgage off sooner? Refinancing to a shorter term will not only give you the opportunity to be mortgage free sooner, but has the potential to save you thousands of dollars in interest payments over the life of your loan. While refinancing to a shorter term mortgage will typically mean that you will pay more on a monthly basis, the savings over the life of the loan can be meaningful.
Short-term to long-term home loan
Should you find your monthly payments unmanageable, you may have the option to refinance to a longer-term home loan. Typically by extending the time you have to pay off your loan, the lower your monthly payments will be. Much of this depends on your specific financial situation and the housing market in your area. It’s also important to note that your total amount you will pay in interest payments will increase if you increase the term of your loan.
If you’re looking to improve your monthly cash flow, this could be a good option to reduce your monthly mortgage payment. A loan officer can help you fully evaluate your financing options.
If you have an outstanding mortgage and an additional loan (like a home equity loan), you may have the option to refinance them together. This puts two different loans into one lump sum with one interest rate.
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