Which Refinancing Program is Right for You?

The huge number of refinance options available is truly breathtaking. We can guide you to locate the refinance loan program that can fit your situation the best. Contact us at (334) 285-8850 to get started. There are several questions to ask yourself as you review your options.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan may be a good option for you. Perhaps you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the rate of interest can vary. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your loan, even as interest rates rise. A fixed-rate mortgage can be especially a wise idea if you aren't planning a move within the next five years or so. On the other hand, if you can see yourself moving in the near future, an ARM with a low initial rate might be the best way to reduce your monthly payment.

Refinancing to Cash Out

Are you hoping to cash out some of your equity in your refinance? Perhaps you're dreaming of a cruise; you have to pay college tuition for your child; or you plan to renovate your home. Then you want to find a loan above the remaining balance on your existing mortgage loan.So you want to find a loan for a higher amount than the balance remaining on your current mortgage loan. If you've had your existing mortgage loan for a number of years and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment bigger.

Consolidating Your Debt

Do you want to pull out some equity to consolidate additional debt? Good plan! If you have the home equity for it, taking care of other high interest debt (like home equity loans, student loans, or credit cards) means you may be able to save several hundred dollars in your budget each month.

Building up Equity More Quickly

Do you need to build up equity more quickly, and pay off your mortgage faster? If this is your wish, the refinance mortgage can move you to a loan program with a short, for example: a 15 year loan. You will be paying less interest and increasing your equity faster, even though your payments will generally be more than you were paying. However, if you have held your current thirty year mortgage loan for a long time and the remaining balance is rather low, you could be able to do this without raising your monthly payment — it's even possible to save! To help you understand your options and the many benefits in refinancing, please contact us at (334) 285-8850. We are here to help you reach your goals!

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

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