Which Refinancing Program is Right for You?

Even though it may seem like it sometimes, there aren't as many refinance options as there are applicants! Call us at (334) 285-8850 and we can match you with the refinance loan program that fits you best. What do you hope to achieve with refinancing? Considering in mind the information below will help you begin your decision process.

Lowering Your Payments

Are achieving better payments and an improved rate your main refinance goals? In that case, getting a low, fixed-rate loan might be a good option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your mortgage, even when interest rates rise. If you plan to stay in your home for at least five more years, a loan with a fixed rate may be an especially good option for you. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get reduced monthly payments.

Getting Out some Cash

Are you refinancing mainly to pull out some home equity for an infusion of cash? Maybe you're going on a much needed vacation; you need to pay college tuition for your child; or you are planning some home improvements. So you will want to look for a loan above the balance remaining on your existing mortgage.Then you'll want However, if your interest rate is currently high and you've had it for quite a few years, you may be able to achieve your goals without an increase in your mortgage payment.

Consolidating Your Debt

Do you have other debt, maybe with a high interest rate, that you'd like to consolidate? If you have built up some home equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may help save you a lot of cash each month.

Building up Equity More Quickly

Are you planning to fatten your equity faster, and pay your mortgage off sooner? Then, you want to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. Although your mortgage payment amount will probably be more, you will be paying less interest; so your equity amount will build up faster. But, you may be able to switch without much increase in your monthly payment if your long term mortgage was closed a while ago, and the balance remaining is low. You may even pay less! To help you figure out your options and the multiple benefits of refinancing, please call us at (334) 285-8850. We are here to help you reach your goals!

Curious about refinancing your home? Call us: (334) 285-8850.

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