Spring is Coming – Considering a Refinance?

With spring just around the corner, is there a best time of the year to refinance your mortgage? That’s a question that only you will know the answer to—after all, everyone’s needs are slightly different. However, for many, spring is a perfect time to choose new options for mortgage refinancing.
 
What Kind of Refinance Is Right for You?
You could lower your monthly payment, or shorten the life of your loan, saving you money on interest payments and pay off your home more quickly.  Several types of refinancing are available – call your United Heritage Credit Union Loan Specialist at (512)-435-4444 to talk about your options!
 
Cash Out Refinance
Homeowners look to cash-out refinancing to turn some of their home equity into cash with a first lien cash out refinance (Texas Cash Out). This type of loan enables you to refinance your existing mortgage balance while simultaneously cashing out a portion of the equity in your home. And better yet, it’s all wrapped up in one easy monthly payment. The new loan pays off your old loan, and that extra money (from refinancing) is distributed as cash. Your equity will lower after taking cash out; however, it can grow again as home prices increase and as you pay down your new loan.  When you use the cash-out funds towards a home renovation, you’re rebuilding (and improving) the equity in your home that you initially removed by refinancing. It’s a great way to save money and start the new year off right, with cash in your pocket. 
 
Why Refinance?
There are many reasons to refinance – here are just a few:
 
Pay Off Debt
If you are looking to save money on a monthly basis, spring is a good time to “clean up” and get your financial house in order. You may also be dealing with taxes, so by refinancing, you can get your money matters all in order at the same time. For many people, this can be a big relief!
 
Home Improvements
If you've been binge-watching home remodeling shows lately, you have probably been wondering about actually starting a project yourself. The coming spring and summer might be the best times to get to work on that project you've been mulling over since the weather turned chilly.  From remodeled kitchens to new roofs, there’s always something you can improve around your home. Did you know that the average complete home renovation can cost tens of thousands? Many homeowners choose to complete smaller projects one at a time to make the process less overwhelming (and expensive).  Some mild-to-wild ideas you might consider for springtime renovations:
 
Kitchen Remodeling
Surprisingly, you don’t need to spend a lot of money, a few less expensive tweaks can brighten up your kitchen and make it feel like new! If you don’t want to invest in buying new cabinets or cabinet doors, there are kits that allow you to paint them a warm and inviting color just in time for the new season. You can also change the door handles on the cabinets to something more up to date and fashionable.  Countertop and sink refinishing is a less-expensive option that can spiff up a dated kitchen and give you a new zest to release your inner Giada! 
 
Decks, Privacy Fences, Arbors, and More
The deck is your outdoor living room – a beautiful, relaxing area for barbecues, family gatherings, relaxing with friends, or just hanging out with your dog.  A new deck can add an entire new dimension to your home – especially when combined with dramatic arbors, beautiful benches and breathtaking landscaping.  A new look for your back porch may be just what you need to cure the winter blues! 
 
Pools of Fun
As the spring approaches, thoughts turn to parties and entertaining, as well as the incredible Texas sun – and there are few better ways to cool off than your own private backyard oasis!  If your home doesn’t have a pool, adding a new in-ground permanent pool can increase your home’s value as well as provide much-needed relief from the legendary Texas heat. 
 
For more information about refinancing your home visit our mortgage refinancing page.