Texas Home Loan Refinancing Programs–Save Money. Get out of Debt.

Find Hundreds of Extra Dollars Each Month and Revive Your Family’s Budget

Are you feeling the pressure of a landslide of bills and monthly commitments? With the current uncertainty of the US economy and the depressed housing market, it may be in your best interest to see if you qualify for a refinance of your existing home. Rates for qualified borrowers are the lowest they have been in several decades*. (*as of December 2008)

Refinancing your mortgage, your largest monthly expenditure, could put you on a path towards a much healthier household financial picture. Once you have closed on your new home loan, you can make a plan to begin paying off debts in an organized fashion.

On paper, project your anticipated personal income over the next 24 months.
Be very realistic. Then list everything that must be paid.

  • Include a 10% allowance for items that you cannot even think of right now. List the debts in order of priority; for example, many financial planners recommend that you be in with the highest interest balances.
  • Then allocate your money on a fair basis so that each debt receives at least some payment. Set a target payoff date for each debt.
  • Next, consider where you might reduce your family’s living costs. Debt reduction always requires some sacrifice.

tx mortgage refinance rates

  • Can the grocery bill be reduced by taking advantage of more sales?
  • Can you eat more meals at home, instead of spending for fast foods?
  • Can your living standard be reduced?
  • Can some luxury items be cut? (for example: Cable TV, cell phone usage)
  • Certain expenses can be moved from the “necessities” column to the “luxuries” column.
  • Once you have a plan worked out on paper, discuss it with your family.
  • ¬†Also, speak with your bank loan officer. You may qualify for a debt consolidation loan. If so, be sure to consider the interest rate and the length of time over which the consolidated debt is to be repaid. It will usually mean smaller payments over a longer period of time. But do not be tempted to use the debt consolidation to borrow more money.