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"How do I know if a Texas Refinancing Loan is right for me?"
With over 50% of the prospective clients who ask me about refinancing their home, I tell them that isn't the best decision for them. Their numbers do not make sense. Most Texas Loan Officers would NEVER turn away a refinance prospect!
The way you figure out whether refinancing make sense for you is to determine the REAL cost to refinance versus the monthly savings.
Recently I had a client who would save about $450 per month refinancing. If you figured her closing costs to refinance and divided it by her monthly savings, her break-even point was under 15 months.
As long as she stayed in the house for 15 months, she was ahead to refinance. It was just that simple!
What people considering Texas refinancing need is good advice, NOT a sales pitch!
For Texas mortgage pre-qualification, please click on:
Texas Refinancing
"What about Closing Costs--what will refinancing cost me?"
This is another key question clients ask early on. The answers depends on a client's specific situation and the type of loan they need.
In most cases, the closing costs can be rolled into the loan, so your cash out-of-pocket can be very little to zero.
Another option are the No Closing Costs loans we all see advertised. Whether or not that is a good option for you depends on your situation. These loans have higher interest rates, to pay for the closing costs.
Whether paid for in cash, rolled into your loan, or using a No Closing Costs option, closing costs will have to be consider along with your monthly savings to figure out if refinancing makes sense for you.
Another Option--If you just need to cash a little equity out of your home, you may be able to just get a second lien and leave you first lien in place. Most loan offices won't offer you this option because they don't make much money off this option.
But it might be the best option for you.
Texas Refinancing--Please feel free to browse my Mortgage Money-Saving Tips & FAQs pages which provide you "insider" knowledge, helping you SAVE.
For TX mortgage pre-qualification, please click on: Texas Refinancing
For any questions, please call or email me. You can email me by clicking : here.
You can reach me by calling (direct line): Paul Marshall
(214) ???-9626 or Toll-Free at 1 (888) ???-7830.
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