Selecting a Refinancing Program

Although it may seem like it sometimes, there are not as many loan options as there are borrowers! We can guide you to select the refinance loan program that can fit your situation the best. Contact us at (334) 285-8850 to begin the process. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you begin your decision process.

Making Your Payments Lower

Are achieving better monthly payments and an improved rate your main refinance goals? Then a low, fixed rate loan may be the best choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even if interest rates rise, a fixed-rate mortgage will stay at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for about five more years, a fixed rate mortgage may be a particulary good option for you. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate to get lower payments.

Refinancing to Cash Out

Are you wanting to cash out some of your equity with your refinance? It could be you want to make home improvements, pay your child's college tuition bill, or go on a special family vacation. So you need to get a loan above the remaining balance of your present mortgage loan.So you will want to find a loan for a higher number than the remaining balance on your current mortgage. However, if your mortgage rate is currently high and you've held it for a long time, you could be able to reach your goals without an increase in your mortgage payment.

Consolidating Your Debt

Perhaps you'd like to cash out some home equity (cash out) to use toward other debt. If you have some debt with steep interest (like credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of home equity.

Paying it off Sooner

Are you planning to fatten up your home equity faster, and pay off your mortgage sooner? If this is your goal, your refinance can change you to a mortgage loan program with a shorter term, like a 15 year loan. The mortgage payments will probably be more than with the longer term loan, but the pay-off is: you will pay substantially less interest and will build up equity quicker. However, if you've had your current thirty-year mortgage for a number of years and the remaining balance is rather low, you might be do this without increasing your monthly payment — it's even possible to save! To help you figure out your options and the many benefits of refinancing, please contact us at (334) 285-8850. We are here for you.

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

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