Choosing a Refinancing Program

There are a huge number of refinancing programs available to borrowers. Contact us at (334) 285-8850 and we can help you qualify for the right refinance loan for your needs. There are some general questions to ask yourself as you review the choices.

Reducing Your Monthly Payments

Are achieving better payments and a lower rate your main reasons for refinancing? In that case, applying for a low, fixed-rate loan could be a wise choice for you. Perhaps you now have a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the rate of interest varies. 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 mortgage. This kind of loan is especially a good option if you don't think you'll be moving within the next 5 years or so. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower monthly payments.

Getting Out some Cash

Is "cashing out" your main reason for your refinance? Maybe you need to make home improvements, pay your child's college tuition bill, or go on a an Alaskan cruise. In this case, you will need to look for a loan above the balance remaining of your current mortgage loan.With this goal, you need If you've had your current mortgage for a number of years and/or have a mortgage with high interest, you may be able to do this without increasing your mortgage payment.

Consolidating Debt

Do you hold other debt, maybe with higher interest, that you need to consolidate? If you have a fair amount of equity, paying off other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) may be able to save you a lot of money every month.

Building up Equity More Quickly

Are you planning to fatten your equity faster, and pay your mortgage off sooner? If this is your hope, your refinance mortgage can change you to a mortgage program with a shorter term, for example: a 15 year loan. You will be paying less interest and growing your equity faster, although your payments will usually be bigger than they were. However, if you've had your existing thirty-year mortgage for a number of years and the remaining balance is somewhat low, you may be do this without raising your monthly payment — it's even possible to save! To help you understand your options and the numerous benefits of refinancing, please contact us at (334) 285-8850. We are here to help you reach your goals!

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

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