Selecting a Refinancing Option

When you are overwhelmed with so many options, it may seem as if there are even more refinance loan programs than borrowers! Contact us at 205-941-1484 and we will help you qualify for the best loan program to fit your financial situation. In order to review your options, you'll need to determine your goals for the refinance.

Making Your Payments Lower

Are achieving better mortgage payments and an improved rate your main reasons for refinancing? In that case, applying for a low, fixed-rate loan could be a good option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be particularly a good idea if you aren't expecting a move within the next 5 years or so. However, an ARM with a initial low payment could be a better way to lower your monthly payments if you expect to move in the next few years.

Cashing Out

Are you refinancing mainly to pull out some 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 plan to renovate your home. So you'll need to qualify for a loan above the balance remaining of your existing mortgage loan.So you will want If you've had your current mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment bigger.

Consolidating Your Debt

Perhaps you hope to cash out some equity (cash out) to use toward other debt. If you have the equity in your home for it, taking care of other high interest debt (like credit cards, home equity loans, or car loans) means you can possible save several hundred dollars in your budget each month.

Switching to a Shorter Term Loan

Do you hope to build up equity quicker, and pay off your mortgage faster? In that case, you need to find out about refinancing to a short term mortgage - like a fifteen-year loan. Although your monthly payment amount will likely be increased, you will be paying less interest; so your equity will rise up faster. Conversely, if your existing longer term mortgage loan has a low remaining balance, and was closed a while ago, you might be able to make the change without paying more each month. To help you determine your options and the many benefits of refinancing, please contact us at 205-941-1484. We would love to help you reach your goals!

Curious about refinancing your home? Call us: 205-941-1484.

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