Refinance Your Home
Whether you need to make home improvements, send a child to college, consolidate debt, eliminate mortgage insurance, or simply lower your monthly payment, we have a refinance option to suit your specific needs! We will help you find the best option for your financial goals. VA 100 LTV , Conventional, and FHA all have great refinancing options. There are some general things to bear in mind while you look at different options so check out our various payment calculators to help you plan. Our favorite is the Comparison Calculator for comparing various terms side by side.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? Maybe you can eliminate mortgage insurance cost. Your best choice may be a low fixed-rate loan. Do you have a higher interest rate on a fixed rate mortgage, or perhaps, an ARM (adjustable rate mortgage with a changing rate)? Well, there’s never been a better time to lock in low fixed rate! ARM’s or Adjustable Rate Mortgages haven’t been advantageous in the last decade due to several factors. A fixed rate product offers more safety from rising future rate increases. By selecting a fixed rate mortgage, you set the low interest rate for the life of your mortgage so that even if rates begin to rise, YOUR rate will never increase. This is not the case with an ARM. We’ve always preferred this option at First Equity Home Loan, Inc. because this kind of loan is the wisest option if you aren’t planning a move within the next 5 years. Borrowing money is cheap today compared to when we opened our doors in 1987!
Getting Out some Cash
Do you need to liquidate your home equity for expenses? Perhaps you need to update your kitchen, pay your child’s college tuition bill, or simply would like to take a cruise or vacation? If so, a “Cash Out” refinance is the perfect choice. This means your new loan amount will pay off your existing mortgage and give you cash at closing. If you’ve had your existing mortgage loan for some time or have a mortgage with high interest, you may be able to refi without making your monthly payment higher!
Consolidating Your Debt
Maybe you hope to cash out a portion of the equity (cash out) to use toward other debt. If you have debts with higher interest (like credit cards or vehicle loans), a solution for you could be to pay off that debt through your refinance, which will result in a much lower total monthly payment. We can help you determine which debt reduce your monthly debt payments the most.
Getting a Shorter Term Loan
Are you hoping to rapidly gain more equity, and pay off your mortgage loan more quickly? If this is your wish, your refinance can change you to a mortgage loan program with a shorter term, such as a 15 year loan. You will pay less interest over the life of your loan and gain more equity in your home. If you have been paying on your current loan for a long period of time, and have a higher interest rate, it is possible that a 15 year mortgage would not even increase your payment! In some cases you may even pay less!
For more information on your specific options and the multiple benefits in refinancing, please contact us at 256-543-0670. We are here for you. 256-refi-pro
Fort Payne 256-364-8300