How You Can Benefit from a Refinance

There are many refinancing options available, and the benefits of each are unique. Whether you’re looking to reduce your payments or consolidate your debt, we can help. Call or come in today to get your process moving.

 

Lowering your monthly payment

  • There are a few ways to lower your monthly payment, including obtaining a lower interest rate or extending the term of your loan. This is usually the primary reason for obtaining a refinance loan. Whether you're looking to switch from a variable rate to a fixed rate loan or looking to pay less per month a refinance loan can help provide more stability and smaller payments.

Cashing-out equity

  • Many people would like to take advantage of the equity they have built up in their homes. When refinancing, it is possible to accomplish that while still reducing your monthly payments. Accessing the equity in your home is a great way to make some improvements in your life whether that be paying for college, renovating or remodeling your home or even starting a business. For most people their homes are their greatest sources of wealth, so using that to its full advantage can make a big difference.

Consolidating debt

  • Refinancing can be useful in keeping your debt manageable by replacing a number of high-interest loans (such as credit card debt) with a single, lower-interest loan. You can take the cash that you gain from tapping the equity in your house and paying off any kind of debt that you might have. Most people will try to pay off high-interest, non-deductible forms of debt such as credit cards or auto loans.

Dropping Private Mortgage Insurance

  • Depending on how much equity you have in your home you can refinance your home loan and possibly drop your private mortgage insurance. This can mean a lower overall monthly payment on your mortgage.  With good credit, you may can eliminate monthly mortgage insurance even if you have as little as 5% equity in your home!  If you think this might be the case please call me today at 256-564-7615.

Other refinancing options

  • Points - By paying points up-front, you can reduce your interest rate. This may or may not be a good option for you. Those who see benefits from paying points up-front are those who plan on being in their homes for a while. A lower interest rate means a lower monthly payment. The longer you pay the lower monthly payment the more sense it makes to pay points up front.

Low-cost Refinancing

  • This option can eliminate some or all of the fees associated with refinancing, but also carries a slightly higher interest rate than a standard refinance. It's important to take all aspects of a new loan into consideration before refinancing. Tracy Flesch can cover the details and help you make the right decision. Let us help you determine of low-cost refinancing is a good fit for you.
 
 

Additional Refinance Information

Home Refinance

CenterState Bank

415 Meridian St
Huntsville, Alabama 35801

Phone: 256-564-7600

Fax: 866-240-4255

NMLS: 514390

Tracy Flesch

Vice President, Mortgage Loan Originator

Phone: 256-564-7615

NMLS: 684453