Selecting a Refinancing Program
Even though it seems like it sometimes, there aren't as many refinance loan choices as there are applicants! We can guide you to find the loan program that can fit your financial situation the best. Contact us at (334) 285-8850 to get started. In the interest of looking at your options, you need to consider your goals for your refinance.
Lowering Your Payments
Are getting reduced mortgage payments and an improved rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even when interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. This kind of loan is especially a good option if you aren't planning a move within the next five years or so. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate to get reduced mortgage payments.
Is "cashing out" your main reason for your refinance? It could be you want to update your kitchen, pay your child's college tuition bill, or take your dream vacation. So you'll need to apply for a loan above the balance remaining on your current mortgage.In this case, you want to find a loan for a bigger amount than the remaining balance on your present mortgage. However, if your interest rate is currently high and you have held it for a long time, you may be able to achieve your goals without an increase in your mortgage payment.
Do you want to pull out some of your equity to consolidate additional debt? Yes you can! If you have any debt with steep interest (such as credit cards or vehicle loans), you may be able to take care of that debt with a loan with a lower rate through your refinance, if you have enough home equity.
Building up Equity More Quickly
Are you dreaming of paying your loan off sooner, while building up your equity faster? Then, you need to find out about refinancing to a short term mortgage loan - like a fifteen-year loan. Although your mortgage payment amount will probably be increased, you will save on interest; so your home equity will build up faster. But, you may be able to switch without a higher monthly payment if your longer term mortgage loan was closed a while ago, and the remaining balance is small. You may even make it lower! To help you determine your options and the numerous benefits in refinancing, please contact us at (334) 285-8850. We will help you reach your goals!
Curious about refinancing your home? Give us a call: (334) 285-8850.