Houston Mortgage Refinance: Cash out or no cash out refinance?

From the beginning of this company, I’ve believed the best way to view the mortgage is really quite simple.   Choose the mortgage that helps you accomplish your broader financial goal. 

 Mortgages are a means to an end, not an end in and of themselves.    If you only focus the mortgage rate or closing costs, chances are you won’t get the “best mortgage”.    Because different people have different needs.  There are no “one size fits all” mortgage plans.  For example….

Compare the following:   ”I want a low mortgage rate.” VS.  “I want a mortgage that will  help me get out of debt –a home loan that I’ll pay off in 15 years vs. 30 so I can have my home paid off before I retire.

See how getting specific about your broader financial goals helps you get “the best mortgage?”  And by doing this, you’ll make a mortgage/refinance decisions in context with your overall financial picture.  Which is only wise.

Take a look at this guy in the picture.  I shot this downtown Austin, Texas.   

His “bike goals” isn’t just to have a bike…but to have a bike that he can pull his dog around.   Kinda cool, right?

Take his example:   

 The best buying decisions are ones that are built around your broader, overall values.  And choosing a mortgage/refinance shouldn’t be any different.

Before you fill out a single mortgage application or make a single mortgage phone call, ask yourself “Where would I like to be in 5 years financially”"–and then ask yourself, “What mortgage/loan would help me accomplish that.” 

Then call us!  We have the lowest closing costs because we don’t charge points.  We do this because we understand the higher the closing costs the less you benefit from your refinance.  

Everybody wants the “lowest rate mortgage” or the “no costs refinance“-however sometimes the “best mortgage” is simply the one that helps you get out of debt the quickest.   This is why I strongly suggest 15 year mortgages right now.   Today’s 15 year mortgage rates are in the 3.75%-3.875% range.  Which is historically low!

Can’t afford the 15 year mortgage payment–what if you did a cash out refinance, paid off some debt and therefore only had 1 debt–your mortgage.   Again, choose a mortgage loan that will help you accomplish your broader goals and you’ll choose the “best mortgage.”

Cash out your rates are at or below 4%…which is really good.  Get out of debt, consolidate debt, get a great low rate…now that’s a win/win!

Take a look at our closing costs, give us a call if you are looking to refinance to a 15 year.  Remember, if you have a Texas Zip code we can help you buy or refinance.

Ask us about our 80/15 no PMI mortgage plans.