Refinancing: Which Option is for You?

The huge number of refinance options available is truly breathtaking. Call us at (334) 285-8850 and we can match you with the loan program that is ideal for your needs. There are some general questions to ask yourself while you look at the options.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be your best option. Maybe you are currently in a loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even if rates rise later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you set the low interest rate for the life of your loan. If you aren't planning a move in the near future (about five years), a fixed-rate mortgage can particularly be a great choice. On the other hand, if you do see yourself moving before too long, an ARM with a small initial rate could be the ideal way to lower your monthly payments.

Cashing Out

Are you planning to cash out some of your equity with your refinance? Maybe you're planning a special vacation; you need to pay tuition for your college-bound child; or you are updating your kitchen. So you need to apply for a loan higher than the balance remaining on your present mortgage loan.With this goal, you want You may not have an increase in your monthly payemnt, however, if you've had your current mortgage for a long time, and/or your loan interest rate is high.

Consolidating Debt

Do you have other debt, maybe with a higher interest rate, that you need to consolidate? If you have any higher interest debts (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan with your refinance, if you have enough home equity.

Building up Equity More Quickly

Are you dreaming of paying off your loan more quickly, while building up your home equity more quickly? If this is your goal, your refinance mortgage can switch you to a loan program with a short, like a 15 year loan. You will be paying less interest and growing your home equity more quickly, although your monthly payments will usually be more than you have been paying. Conversely, if your current long-term loan has a low balance remaining, and was closed a number of years ago, you may even be able to make the switch without paying more each month. To help you determine your options and the multiple benefits in refinancing, please contact us at (334) 285-8850. We are here for you.

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

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