MORTGAGE REFINANCING IN HOUSTON, TX

How Do You Choose the Best Home Refinancing Option for Your Needs?

Mortgage refinancing is not a confusing and complicated concept, but the best mortgage lenders make it painless.

Home Refinancing That Meets You Where You Are

If you’ve decided to refinance your home, you might be surprised to realize how many options there are available. There are several key factors that influence your refinancing options, including:

The value of your home compared to your current loan balance.

The type of mortgage you have.

Whether or not you have mortgage insurance.

You may not even know where to begin refinancing. We understand. Our team is here to guide you through the process, so you can get the best deal possible. Did you know 92% of borrowers do online research before reaching out to a lender? You can go a step further and get personalized advice from a home loan officer at Champions Mortgage. We offer a zero-obligation consultation call to help you discover and discuss your options.

Is It a Good Idea to Refinance Your Home?

Refinancing your home is a major decision, almost as big as buying a house in the first place. Ideally, you’d get a mortgage and never have to worry about it again, but that isn’t always the case. Sometimes, people refinance because their current payments are just too high or their interest rates have skyrocketed.

Other times, homeowners refinance because they want to pay for a major expense, like college tuition or a remodeling project, and refinancing is an easy way to leverage their current assets.

Before Refinancing Your Home, Ask Yourself These Questions:

Do I have the right reason for refinancing? Consider whether you want lower interest rates, lower monthly payments, more favorable mortgage terms, to switch to a fixed rate mortgage, or get a lump sum of money through a cash-out refinancing plan based on your equity.
What is my ideal monthly payment? It’s important to have a clear picture of how much you want to pay since this will help you get the best deal. If you feel like you’re overpaying or monthly payments have gone too far beyond your budget, refinancing may be able to help.
Do I want to switch lenders? You don’t have to switch mortgage lenders when you refinance, but it may be helpful in some cases, such as a high early mortgage payoff fee when you’re trying to build equity faster or pay off your home sooner. One of our experienced loan officers can help you weigh the pros and cons of switching lenders when you refinance based on your situation.
Do I have the right mortgage type, or do I want to change? Loan modification and refinancing can go hand-in-hand for many people. You can switch your loan type, change its terms, and even lower its interest rates and monthly payments. There are plenty of options to help every homeowner get the best deal.

How to Choose the Right Home Refinancing Option

Home refinancing takes time, research, and the right support.

With a two-week loan approval until the closing date, 100% satisfaction coming from buyers, renters, and sellers, and over $100 million successfully funded loans, Champions Mortgage will lead you peacefully through the overall closing process and help you get the best deal on the market.

Trading in Your Mortgage for Better Rates

When you refinance your home, you trade in your current mortgage for a new one, preferably with lower rates and interest. The number one reason people refinance their home is that they want to spend less money on their mortgage without having to move.

Types of Home Refinancing Options

Take a look at some of the options you have when it comes to refinancing your mortgage.

Rate and Term Refinance

With this type of refinancing, you choose a new home loan that better suits your budget and goals. your finances may have changed since you bought your home, or you may have realized that you’re not entirely happy with the original terms or costs of your home loan. We can help you find the right new mortgage that will align with your needs.

Cash-Out Refinance

If you have equity in your home, then you can cash out some of it and refinance your mortgage in the process. Most lenders will allow you to refinance up to 85% of your home’s value. With a cash-out home loan, you take out a bigger loan to pay off your old one, then receive a lump sum payment of the difference in cash.

Cash-In Refinance

The opposite of a cash-out, the cash-in refinancing option allows you to contribute more money toward your mortgage, lowering your total principal balance. This can be a great option for homeowners who want to pay off their house sooner without incurring early payoff fees.

Debt Consolidation

One of the reasons homeowners refinance is significant debt. Consolidation lumps all your outstanding balances together and then pays them off with a larger loan. When it comes to home refinancing, a consolidation works similarly to a cash-out. The difference is that what you would normally be given as a lump sum to spend however you like is used to pay off your qualifying debts.

The downside to this is that your monthly payment and interest rates increase, so you have to consider the impact having your other debts paid off will have on your overall financial health.

Don’t Hesitate to Call Champions Mortgage

At Champions Mortgage, we pride ourselves on integrity, honesty, and transparency. We make sure all of our clients are 100% satisfied, and we ensure this through undivided attention and dedication. That’s why we work hard to provide you with the lowest interest rates and closing costs possible.

When you work with us, you’ll always have a partner to help you overcome the challenges of refinancing. To speak with a loan officer, schedule an appointment online. We’d love to help.

To get more information, contact Champions Mortgage team.