Choosing a Refinancing Option

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The huge number of refinance options available is truly breathtaking. We can help you choose the loan program that will fit your needs the best. Contact us at (901) 861-8022 to get things started. What do you hope to achieve with refinancing? Considering in mind the following will help you narrow your choices.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the ideal option for you. Perhaps you currently have a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — where the rate of interest can vary. Even if interest rates rise, a fixed-rate mortgage loan must stay at the same, low interest rate, unlike an ARM. This is particularly a wise choice if you aren't planning a move within the next five years or so. However, if you can see yourself moving within the next few years, an adjustable rate mortgage with a low initial rate could be the ideal way to reduce your monthly payments.

Cashing Out

Are you hoping to cash out some of your home equity with your refinance? Maybe you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. In this case, you will need to get a loan above the balance remaining of your present mortgage.In that case, you'll need You might not have an increase in your monthly payment, though, if you have had your current mortgage for a number of years, and/or your interest rate is high.

Consolidating Your Debt

Do you want to cash out some equity to consolidate other debt? Yes you can! If you have enough 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 every month.

Getting a Shorter Term Loan

Are you hoping to fatten up your equity faster, and pay off your mortgage loan more quickly? In that case, you need to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage loan. You will be paying less interest and growing your equity faster, although your payments will likely be higher than they were. But, you could be able to switch without a higher monthly payment if your longer term mortgage loan was closed a while back, and the remaining balance is low. You could even pay less! To help you determine your options and the multiple benefits in refinancing, please call us at (901) 861-8022. We are here for you.

Curious about refinancing your home? Call us at (901) 861-8022.