Selecting a Refinancing Program

The number of refinance options available is truly breathtaking. Call us at (334) 285-8850 and we can match you with the refinance program that fits you best. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you narrow your choices.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be your best option. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even as interest rates rise, a fixed rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you are planning to live in your home for at least five more years, a fixed rate mortgage may be an especially good option for you. However, an ARM with a low intitial payment could be a better way to reduce your mortgage payments if you see yourself moving in the next few years.

Refinancing to Cash Out

Is your refinance goal primarily to "cash out" some home equity? Your house needs new carpet; your daughter has gone to University and needs tuition; or you are taking your family on a cruise. Then you'll need to find a loan for more than the remaining balance of your current mortgage loan.In that case, you will need However, if your loan interest rate is high now and you've held it for a long time, you may be able to reach your goals without making your mortgage payments rise.

Consolidating Debt

Do you want to pull out some home equity to consolidate additional debt? Good plan! If you hold any debt with higher interest (such as credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have enough equity.

Building up Equity Faster

Are you dreaming of paying off your loan faster, while beefing up your home equity faster? In that case, you'll need to find out about refinancing to a short term mortgage - such as a fifteen-year loan. Although your monthly payments will usually be more, you will save on interest; so your equity will rise up faster. However, if you have had your existing 30-year mortgage loan for a number of years and the loan balance is relatively low, you could be do this without raising your mortgage payment — you might even be able to save! To help you understand your options and the many benefits of refinancing, please contact us at (334) 285-8850. We are here for you.

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

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