Which Refinancing Loan Program is Right for You?

There aren't as many loan program choices as there are applicants, but it feels like it at times! We can guide you to select the refinance program that will fit your financial situation the best. Call us at (334) 285-8850 to get started. In the interest of looking at your choices, you need to list what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are getting lower mortgage payments and an improved rate your main refinance goals? Then the best option could be a low fixed-rate loan. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the interest rate can vary. Even when interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you are planning to stay in your home for at least five more years, a fixed rate mortgage may be an especially good fit for you. However, if you do see yourself moving in the near future, an ARM mortgage with a small initial rate may be the ideal way to lower your monthly payments.

Refinancing to Cash Out

Is your refinance goal mainly to "cash out" some home equity? Perhaps you're going on a much needed vacation; you need to pay college tuition for your child; or you are updating your kitchen. So you'll need to get a loan higher than the balance remaining on your existing mortgage.So you'll want However, if your loan interest rate is high now and you have held it for a long time, you may be able to achieve your goals without making your monthly payments bigger.

Consolidating Debt

Perhaps you'd like to pull out some of the equity (cash out) to put toward other debt. If you own some debt with steep interest (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have enough equity.

Paying it off Faster

Do you need to build up equity quicker, and have your mortgage paid off sooner? In that case, you'll want to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. You will be paying less interest and growing your equity more quickly, even though your mortgage payments will generally be more than you were paying. However, if you have held your current 30 year loan for a number of years and the remaining balance is relatively low, you might be able to do this without raising your monthly payment — it's even possible to save! To help you figure out your options and the numerous benefits of refinancing, please call us at (334) 285-8850. We are here for you.

Curious about refinancing your home? Give us a call at (334) 285-8850.

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