Which Refinancing Program is Right for You?

Although it seems like it sometimes, there aren't as many refinance options as there are borrowers! Call us at (334) 285-8850 and we will help you qualify for the best refinance program for your needs. What are your goals for your refinance loan? Keeping in mind the following will help you begin your decision process.

Reducing Your Monthly Payments

Are getting reduced mortgage payments and an improved rate your main refinance goals? If so, the best option may be a low fixed-rate loan. Maybe you are presently in a mortgage with a high, fixed interest rate, or a mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. This kind of loan is particularly a wise choice if you aren't expecting a move within the next 5 years or so. However, if you can see yourself selling your home before too long, an ARM with a low initial rate may be the best way to lower your monthly payment.

Refinancing to Cash Out

Is "cashing out" your primary purpose for your refinance? Perhaps you're planning a special vacation; you have to pay tuition for your college-bound child; or you are updating your kitchen. Then you need to qualify for a loan for more than the remaining balance on your present mortgage loan.With this goal, you will You'll be looking for a loan for more than the current balance with your current mortgage in that case. However, if your interest rate is high now and you have held it for quite a few years, you may be able to achieve your goals without an increase in your mortgage payment.

Debt Consolidation

Do you want to cash out a portion of your home equity to consolidate other debt? Yes you can! If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (such as car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars each month.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off faster, while beefing up your equity faster? In that case, you need to find out about refinancing to a short term mortgage loan - such as a fifteen-year mortgage loan. You will be paying less interest and increasing your home equity faster, although your monthly payments will usually be bigger than you have been paying. However, if you've held your existing 30-year mortgage loan for a number of years and the remaining balance is rather low, you may be do this without increasing your monthly mortgage payment — you could even be able to save! To help you determine your options and the numerous benefits of refinancing, please contact us at (334) 285-8850. We would love to help you reach your goals!

Curious about refinancing? Call us at (334) 285-8850.

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