Frisco Texas Mortgage, Real Estate, Events, and more

Why Should I Refinance My Home in Texas? A common question, here's my thought.

I receive this question quite often - Why Should I Refinance My Home?  Whether you live in Texas or anywhere else, this is a valid question.  Don't just rely on anyone answering this question, you should consult a professional.  Refinancing your mortgage is a big step, but how do you decide when to do it?  I like to give my clients some tips to help them decide when the time is right for them.

Its no secret.  Everyone has been talking about the rates - "The rates are at an all time low." or "Rates are at historic lows".  This is probably the first reason my clients decide to refinance.  They hear it enough and want to know if refinancing would result in a lower monthly payments. Generally, if rates drop 1 percent or more - it's a good time to refinance.  But lowering your rate is not the only reason to refinance your home.

Perhaps you were thinking about refinancing because you need extra money.  College tuition or a high interest credit card?  When refinancing to a lower rate and payment the money you save can be spent elsewhere.

One of the best reasons to refinance is because a client wants to reduce the term of their loan.  Many of my clients refinance to save money over the life of their loan. For example, if you currently have a 30-year loan and you refinance to a 15-year loan, after you refinance you may have a higher monthly payment but you will pay off your loan quicker.  I recently refinanced my home to a lower rate and shorter term.  The payment is slightly higher, but I am saving over $122,000 in interest.

Do you have an Adjustable Rate Mortgage (ARM)?  I strongly recommend refinancing if you have an ARM loan.  Convert it to a fixed rate loan.  Right now, fixed rate mortgages are lower than adjustable rates and a fixed rate mortgage leaves out the 'element of surprise' when the adjustment happens every 6 months to 1 year.  If the rates are lower than they were when you got your loan, switching to a fixed rate mortgage can offer more security and stability as well as save you money!

The last reason some clients look to refinance is to consolidate debt.  Loans such as second mortgages, credit lines, student loans and credit cards can often be consolidated when you refinance.  In Texas, we do have regulations for completing a Texas Cashout.  I'll be putting a post together for those as well.  Watch for them on my outside blog www.FriscoTexasMortgage.com.  Plus, consolidating your debt can result in tax savings, since consumer loans are not tax deductible, but a mortgage loan is tax deductible.  For a better understanding, please consult a Tax Advisor.

Fortunately, rates are still low today, but no one knows how long they'll stay that way. If you've been thinking about refinancing your mortgage, give me a call today. I'll work with you to find a great rate so you can have more money in your pocket in 2009!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Are you are looking to buy or sell a home in Frisco or another city in North Texas?  Perhaps you love your home but would be interested in refinancing to a lower interest rate?  If so, then I can help.  I am a licensed Mortgage Consultant located in North Texas with over 15 years experience in the industry.  I can help you get pre-approved for your new home loan in Texas and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call any time or visit my website for more details.

 Subscribe to my Blog

 

Always available for your Frisco Texas Mortgage needs!

John Cannata  Reliant Mortgage  p# 214.545.5604  

www.JohnCannata.com

Frisco Texas Mortgage Consultant

Follow me on Twitter

Copyright © 2009 by John Cannata (Reliant Mortgage Ltd) -  Why Should I Refinance My Home in Texas? A common question, here's my thought

 

*********************************************************

Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

Always available for your Texas Mortgage and Home Loan needs!

John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 8 commentsJohn Cannata • March 16 2009 03:10PM
Why Should I Refinance My Home in Texas? A common question, here's my…
share
I receive this question quite often - Why Should I Refinance My Home Whether you live in Texas or anywhere else, this is a valid question. Don't just rely on anyone answering this question, you should consult a professional. Refinancing your… more
Dallas Association of Mortgage Brokers (DAMB) Event on 3/19/09
share
Whether you are a member of the Dallas Association of Mortgage Brokers (DAMB) or not, you are invited to attend this event. On March 19th @ 11:30 am, DAMB is hosting an Education and Luncheon @ Bent Tree Country Club. The special guest… more
Coffee with the Mayor in March 2009 - Mayor Maher Maso of Frisco Texas
share
Coffee with Mayor Maso happens on the 2nd Monday of each month. Although we skipped February due to the Mayor's busy schedule, we are meeting again this month. 'Coffee with the Mayor' will take place March 9, 2009 from 8:00 am - 9:00 am. In… more
Fieldhouse USA in Frisco Texas - Frisco Indoor Sports Center
share
A few weeks back, I did a post on a new activity center called Fieldhouse USA in Frisco Texas, also known as Frisco Indoor Sports Center It's considered to be a 'state-of-the-art' sports experience. The Open House for this AWESOME activity… more
Attention First Time Home Buyers in Frisco Texas - Details about the..
share
By now you have probably read or have written a post about the $8000 First Time Home Buyer Tax Credit (Economic Stimulus Package) available to Frisco Texas Home Owners I wanted to take some time to provide some common questions and answers about… more
2 Hours a Day Won't Get It Done
share
Yes, the television commercials tell you that it is possible to become a millionaire with little time and effort. In reality, those who become rich and successful do so because they work hard. You will not be successful if you do not give you… more
Economic Stimulus Package - Another round of changes, but we are…
share
Its been all over the news. By now, Im sure you heard something about it. The original push, specifically for Real Estate, was for a First Time Homebuyer to receive a tax credit of $15, 000. That amount has been reduced to $8, 000. The House… more
BEWARE: There are dangerous twins on the loose - Fear and Greed
share
BEWARE : There could be dangerous twins in your area. They are called Fear and Greed Although these twins do not always hang out together, you will often hear about how they destroy one thing or another. It's not their fault. They were left… more
Everyone is changing their picture, so I thought I would as well.
share
It seems like each day that I sign in, someone has updated their AR Photo. Greg Nino of RE/MAX has changed his picture at least 4 times. Loreena Yeo of 3:16 Team Realty has changed her picture at least 4 times. And Donna Harris of RE/MAX. Okay,… more
Frisco Indoor Sports Center - Another reason to move to Frisco Texas
share
I just learned about a facility that is in the works here in Frisco, Texas. Its called the 'Frisco Indoor Sports Center'. This facility will be located at the corner of Frisco Street and All Star Way, which is new the Pizza Hut Park and… more