Is Refinancing Really Going To Help Me?

confused man refinancing questions conceptThere are many advantages to purchasing a home rather than continue to rent your living space. One benefit is in the consistency of your monthly costs—instead of seeing your rent change each time your lease renews, you can enjoy the stability of a set mortgage. This means you have no unpleasant surprises in the form of a rent hike, making it easier to remain stable financially and plan for the future. With that said, there is something you can do to change your monthly home costs after you make a purchase. Through refinancing, homeowners are able to secure a new mortgage and new terms, something that can lead to reduced costs and even the chance to take out a lump sum!

FHL Texas is happy to offer guidance when you are interested in refinancing. Our knowledge of mortgage matters extends beyond home purchases. By providing help with the decision to refinance, we can guide you to a new, lower monthly payment, avoid rising costs that come with an adjustable rate mortgage, and even receive cash! This is just one example of how we can help people who already own a home.

What Refinancing Offers Homeowners

Simply put, refinancing replaces the current mortgage you have with a new one that comes with new terms, a new interest rate, and new monthly payments. Homeowners can take advantage of this opportunity when there are favorable changes in interest rates as well as a rise in the assessed value of your property. While this can certainly look attractive, it can be tough to know when the right time to pursue one might be. It can also be intimidating if you expect the process to be costly or time-intensive. Fortunately, you can enjoy guidance from us as well as access to a no out-of-pocket-cost refinance that makes this a more affordable pursuit.

Refinancing Can Have Several Benefits For Homeowners

There are several potential advantages to refinancing. You can benefit in one or more of the following ways:

  • Secure a lower interest rate
  • Avoid higher costs in the future by replacing adjustable rate mortgage with a fixed rate loan
  • Shorten the time it takes to pay off your loan
  • Remove insurance payments attached to your mortgage
  • Secure funds thanks to a cash out refinance

The benefits you see from your decision to refinance will depend on your current circumstances and current interest rates. We can help you understand what kind of support is available to you before you need to make a commitment.

Is Refinancing Guaranteed For Everyone?

Not every attempt to refinance ends in success. A borrower’s current debts as well as their credit can affect their candidacy. If your property has lost too much value, successfully refinancing can prove difficult. We can help you navigate questions about whether your attempts will be successful before you find yourself committed to a long and expensive process. Our expertise also helps you avoid other common reasons people fail to secure the new loan they want, such as the failure to complete all forms accurately or the inability of a lender to receive all of your information.

Taking A Cash Out Refinance

One of your options for refinancing includes what is known as a cash out refinance. By taking this option, you can receive a lump sum to spend as you see fit along with your new mortgage. This option helps you make use of your equity in a way that lets you take out extra money you are free to spend as you choose. Your spending options include payments for home renovations that make your space more accommodating and help you boost your property’s value!

More Support We Offer Homeowners

Because we provide help throughout the process of securing a mortgage and buying a home, you may assume we are only here to help someone on the path to becoming a homeowner. Our work covers a wider range of mortgage matters than just a primary home purchase. We can also help you if you are interested in buying property for investment purposes, as well as if you would like to secure a second home for personal reasons. For homeowners who are at or approaching age 62, we can discuss the potential impact of a reverse mortgage on your retirement plans and long-term financial health. Matters like refinancing, investing, and retirement planning can be challenging, but by receiving the right guidance, you can enjoy better financial health and lower monthly expenses!

Talk To FHL Texas About The Benefits Of Refinancing!

Through refinancing, homeowners can benefit from better interest rates and the equity they have accumulated to improve their long-term financial well-being! We can help with this and other matters that concern mortgages and home ownership. For more information on refinancing and its potential benefits, call FHL Texas today at 1-800-990-LEND (5363)!