Selecting a Refinancing Loan

There aren't as many refinance loan options as there are applicants, but sometimes it seems like it! Contact us at (334) 285-8850 and we'll help you qualify for the perfect refinance loan program to fit your situation. In order to review your choices, you can consider your goals for the refinance.

Reducing Your Monthly Payments

Are achieving reduced payments and a better rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. Maybe you are currently in a mortgage loan with a high, fixed interest rate, or a loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed-rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you expect to stay in your home for about five more years, a fixed-rate loan may be a particulary good fit for you. But if you do expect to sell your home more quickly, you will need to consider an ARM with a low initial rate to get reduced monthly payments.

Getting Out some Cash

Are you hoping to cash out some of your equity in your refinance? Maybe you need to update your kitchen, pay your child's college tuition bill, or go on a special family vacation. Then you will need to qualify for a loan above the remaining balance on your existing mortgage.So you'll need However, if your interest rate is currently high and you've had it for quite a few years, you could be able to achieve your goals without a rise in your mortgage payment.

Consolidating Your Debt

Maybe you'd like to cash out a portion of the home equity (cash out) to put toward other debt. If you have built up some home equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) may be able to save you a chunk of money every month.

Building up Equity Faster

Are you dreaming of paying off your loan more quickly, while building up your home equity quicker? You should consider refinancing with a shorterterm loan, often a 15-year mortgage loan. You will be paying less interest and growing your home equity faster, even though your mortgage payments will generally be bigger than they were. On the other hand, if your existing longer term mortgage has a low remaining balance, and was closed a while ago, you may be able to make the move without paying more each month. To help you determine your options and the many benefits in refinancing, please call us at (334) 285-8850. We are here to help you reach your goals!

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

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