Stafford Financial & Insurance Services
2201 Main Street, Ste. 815
Dallas, TX 75201
Phone (214) 915-0324
Fax: (972) 314-9656
E-mail: info@staffordlends.com

Stafford Financial & Insurance Services
2201 Main Street, Ste. 815
Dallas, TX 75201
Phone (214) 915-0324
Fax: (972) 314-9656
E-mail: info@staffordlends.com

Toll Free: 866-915-0323

Toll Free: 866-915-0323

We Offer Lowest Rates/Fees  -  30 Year Fixed From 3.5% conventional or 3.375% VA/FHA,  20 Year Fixed 3.5%, 15 Year Fixed 2.75%, 5 Year ARM 2.375%, 7/1 ARM 2.75%, 5/1 Jumbo ARM 2.875%, 30 Yr Jumbos 3.875%, 15 YR Jumbos 3.375%. Purchases, Refinance and TX Cash-Outs.  $0 Fee Options @ Low Rates. Call 214-915-0324 For Same Day Custom Quotes On Mortgage Products.

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Get Your Hands on Some Cash

Another way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage -- in effect, tapping your home equity, or "cashing out," in mortgage speak. Thanks to favorable rates, you may be able to do so without boosting your monthly outlay. For example, at 8.5%, the payment on a $200,000, 30-year fixed rate mortgage is $1,538. But at 7.5%, that same payment lets you borrow nearly $20,000 more.

The best use for the extra cash is to pay off any higher rate loans you may have. Let's say that you are carrying a $15,000 car loan at 10% and making minimum payments on a $10,000 credit card balance at 17%. Your monthly payments on those debts would total $680. Then assume you refinanced your mortgage, taking out an additional $25,000 to pay off your car and credit card loans. Result: At 7.5%, your additional monthly mortgage payment would total only $175, so you would come out $505 ahead ($680-$175=$505).

Of course, all the extra cash needn't go for paying off debts. When the Menards swapped their ARM for a fixed rate last December, they also increased their mortgage load by $34,000, from $106,000 to $140,000. They used $3,000 of the proceeds to pay their refinancing costs and another $17,000 to pay off a 10% home equity loan, which had been costing them $250 a month. Then they spent the remaining $14,000 to build a garage for Roger's antique car collection -- and they did all this for just another $19 a month.