Which Refinancing Loan Program is Best for You?

There aren't as many refinance loan options as there are borrowers, but sometimes it seems like it! Call us at (334) 285-8850 and we can match you with the refinance loan program that fits you best. In order to review your choices, you should think about your goals for your refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then the best choice could be a low fixed-rate loan. Perhaps you are now in a loan with a high, fixed interest rate, or a loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even when rates rise later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you set that low rate for the life of your mortgage. A fixed-rate mortgage can be especially a good idea if you aren't planning a move within the next 5 years or so. However, an ARM with a initial low payment may be a smarter way to reduce your payments if you see yourself moving within the near future.

Refinancing to Cash Out

Are you refinancing primarily to "cash out" some home equity? Maybe you want to update your kitchen, pay your child's college tuition bill, or go on a dream vacation. Then you will want to qualify for a loan higher than the remaining balance on your current mortgage loan.With this goal, you'll You will want to qualify for a loan for a bigger amount than the remaining balance with your present mortgage in that case. If you've had your existing mortgage loan for a long time and/or have a high interest mortgage, you may be able to do this without making your monthly payment higher.

Consolidating Your Debt

Do you want to pull out some equity to consolidate additional debt? Yes you can! If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars in your monthly budget.

Building up Equity Faster

Are you dreaming of paying off your loan more quickly, while beefing up your home equity more quickly? If this is your hope, the refinance mortgage can change you to a mortgage program with a short, for example: a 15 year loan. You will be paying less interest and increasing your equity more quickly, although your monthly payments will likely be more than they were. But, you might be able to make the change without a bigger monthly payment if your longer term mortgage was closed a while ago, and the balance remaining is low enough. You could even pay less! To help you determine your options and the multiple benefits in refinancing, please contact us at (334) 285-8850. We would love to help you reach your goals!

Want to know more about refinancing your home? Call us: (334) 285-8850.

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