Choosing a Refinancing Option

Although it seems like it sometimes, there aren't as many refinance loan choices as there are borrowers! Call us at 706-860-5514 and we will help you qualify for the perfect refinance loan to fit your situation. In the interest of looking at your choices, you should list your goals for the refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, a good option might be a low fixed-rate loan. Perhaps you now hold a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — where the rate of interest varies. Even when interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be especially a wise idea if you don't expect to move within the next 5 years or so. On the other hand, if you do see yourself selling your home within several years, an adjustable rate mortgage with a low initial rate could be the ideal way to reduce your monthly payment.

Refinancing to Cash Out

Is "cashing out" your primary purpose for refinancing? It could be you want to make home improvements, take care of your college kid's tuition, or go on a special family vacation. Then you'll need to find a loan above the balance remaining of your existing mortgage.In this case, you will You will be looking for a loan for more than the current balance of your existing home loan in that case. If you've had your current mortgage loan for a number of years and/or have a mortgage loan with a high interest rate, you may be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Do you want to pull out a portion of your home equity to consolidate other debt? Yes you can! If you have built up some home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) may help save you a lot of money each month.

Paying it off Sooner

Are you dreaming of paying your loan off more quickly, while building up your equity faster? You should consider refinancing to a short-term loan, often a 15-year mortgage. The monthly payments will probably be higher than they were with your long-term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and can build up equity more quickly. On the other hand, if your existing long-term mortgage has a low balance remaining, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you figure out your options and the numerous benefits of refinancing, please contact us at 706-860-5514. We are here for you.

Want to know more about refinancing your home? Call us at 706-860-5514.

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