Texas Refinance Options

There are several refinance options available to Texas residents, including: switching from an Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage, using your home's equity to get cash, and consolidating your debt. Regardless of your current financial situation, you are sure to find a refinance option that will benefit you.

Some popular mortgage loan options in Texas are:

  • Fixed Rate Mortgages - If you currently have an Adjustable Rate Mortgage, you may be able to lower your monthly payments by switching to a Fixed Rate Mortgage. Interest rates in Texas have been increasing, so it is wise to lock in a lower interest rate today. Refinancing to a Fixed Rate Mortgage will allow you to keep your low monthly payments the same, even if interest rates increase in the future. With a Fixed Rate Mortgage your monthly payments will never change payments for the life of your loan.
  • Cash Out Refinance - a Cash-Out Refinance allows you to get cash back from your loan and lower your interest rate. In Texas, you can refinance your loan for more than you currently owe and get cash back for the difference between the original loan and the refinance. This is a great way to use your home's equity to get extra cash. additionally, the interest rate of the refinance is usually lower than your current interest rate, which will save you money. For example, if you owe $60,000 on your home, you can refinance your loan for $80,000, which would allow you to receive $20,000 in cash back. Most likely, you could get a lower interest rate on the refinance than is on your current $60,000 loan. Cash-Out Refinancing allows you to get cash to pay off debts or other expenses, while lowering your interest rate at the same time.
  • Debt Consolidation - Debt-Consolidation Refinancing can decrease your monthly payments and reduce your interest rate. It is an effective and efficient way to get out of debt. You can refinance your home mortgage and use the money from the refinance to pay off your bills. By avoiding high-interest debt, such as credit card debt, you will be able to pay off your bills much more quickly and save money. Your monthly debt payments will decrease overall when you consolidate your debt into your home loan.

More Information

With all of these options available in Texas, almost anyone can benefit from a refinance. To receive more information about how a mortgage refinance can benefit you, please complete the short refinance form. A Refinance Specialist can assist you today to determine the refinance option that will suit your needs best.

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