Which Refinancing Option is Right for You?

The huge number of refinance options available to borrowers is truly breathtaking. Call us at 404-702-2661 and we will match you with the refinance loan program that is ideal for your needs. In the interest of looking at your options, you can consider your goals for your refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then your best option could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even as interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. This kind of loan is particularly a good option if you don't think you'll be moving within the next five years or so. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get reduced monthly payments.

Refinancing to Cash Out

Are you hoping to cash out some of your equity in your refinance? It could be you want to make home improvements, take care of your college kid's tuition, or take a cruise. With this in mind, you will need to get a loan for more than the remaining balance on your present mortgage.So you will You'll be looking for a loan for more than the current balance of your current mortgage loan in this case. You might not increase your monthly payemnt, however, if you've had your existing mortgage for a long time, and/or your loan interest rate is high.

Consolidating Your Debt

Do you hold other debt, maybe with higher interest, that you need to consolidate? If you have some higher interest debts (like credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have enough equity.

Building up Equity More Quickly

Are you dreaming of paying your loan off sooner, while building up your home equity more quickly? In that case, you want to find out about refinancing to a short term mortgage - for example, a fifteen-year mortgage loan. You will be paying less interest and increasing your home equity faster, although your monthly payments will generally be bigger than you were paying. On the other hand, if your current longer term mortgage loan has a low remaining balance, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you determine your options and the numerous benefits of refinancing, please contact us at 404-702-2661. We are here for you.

Curious about refinancing your home? Give us a call at 404-702-2661.