home loan refinance Austin Archives

December 22, 2016

What are some benefits of home loan refinance Austin TX?

So, you are turning down the option of home loan refinance Austin TX. The following might make you to reconsider your decision. What are some benefits of home loan refinancing? An opportunity to lower monthly repayment. It is considered to be one of the best ways to help lower your mortgage payment and your interest rate. You can also enjoy fewer fees with it. It is important to note, however, that you should have a good credit score, your property value should exceed the refinance amount (along with some more other requirements) in order to qualify for home loan refinancing. (Don’t hesitate to talk to our experts at HomePlus Mortgage to learn more about this). An opportunity to pay your mortgage off faster. If you are making more money now than the income you were making when you bought your home, then you can take advantage of home loan refinancing if you want to pay your mortgage off faster. (FYI: Paying more on your mortgage each month is not always permitted according to the loan terms, so refinancing is considered the best option.) An opportunity to unlock the equity in your home. Home loan refinancing also provides you an opportunity to access the equity of your home. That means to say, you can get a line of credit according to your home value and the amount that you have already paid on your mortgage. This gives you an ideal way to finance other projects you might have such as home […]

April 26, 2017

When to consider home loan refinance, Austin, TX

Home loan refinance, Austin, TX is an important matter that requires a clear-cut decision-making. Whatever decision you make will have a big impact on your financial situation – and the effect can be long lasting. Thus, it makes sense to weigh all of the factors (and a mortgage professional can be very helpful on this) before you make your final decision on whether or not to go for home loan refinancing. Here are some scenarios that might compel you to go for home loan refinance, Austin, TX: When there’s a lower interest rate. Many homeowners go for refinancing when they find an opportunity to secure lower interest rates because that could mean huge savings. The changing trends on mortgage interest rates provides such opportunity. Industry experts recommend refinancing if one is able to secure 2% (or more if possible) rate reduction. If you are able to find at least 2%, then it could be a wise decision to go for refinancing. However, it is not worth it if you are just able to save a small amount with such interest rate reduction. For instance, it is more meaningful to go for refinancing at 2% lower when you have a 500k mortgage than when you have a 100k mortgage. In other words, figure out the number and do what the number tells you. If you want to shorten loan terms. Another good reason to refinance your home mortgage is when you want to shorten the loan’s term. For example, if you […]