Selecting a Refinancing Program

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There are a huge number of refinancing options available to borrowers. We can help you select the refinance program that will fit your needs the best. Contact us at (256) 543-9211 to get things started. In order to review your choices, you can consider what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are getting reduced payments and a better rate your main reasons for refinancing? In that case, your best choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even when rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you set that low rate for the life of your mortgage. If you aren't planning a move in the near future (about 5 years), a fixed-rate mortgage can particularly be a wise option. However, an ARM with a low initial payment could be a smarter way to lower your monthly payments if you see yourself moving in the next few years.

Getting Out some Cash

Are you hoping to cash out some of your home equity with 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. In this case, you need to qualify for a loan above the balance remaining on your existing mortgage.Then you need However, if your mortgage rate is currently high and you have held it for a long time, you may be able to accomplish your goals without an increase in your mortgage payment.

Consolidating Debt

Perhaps you hope to cash out some of the home equity (cash out) to use toward other debt. If you own any higher interest debts (such as credit cards or vehicle loans), you might be able to pay that debt off with a lower rate loan through your refinance, if you have enough equity.

Building up Equity Faster

Do you hope to build up home equity more quickly, and have your mortgage paid off faster? Consider refinancing to a short-term loan, such as a 15-year mortgage loan. Although your mortgage payments will probably be more, you will be paying less interest; so your equity amount will build up faster. Conversely, if your current long-term mortgage loan has a low balance remaining, and was closed a while ago, you may even be able to make the change without paying more each month. To help you understand your options and the multiple benefits of refinancing, please contact us at (256) 543-9211. We are here to help you reach your goals!

Curious about refinancing? Call us at (256) 543-9211.

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