Refinancing, is it the right time for you?
By refinancing at today’s rates, you could lower your monthly payment, consolidate your debts, or even get cash from your home by capitalizing on the equity you have built up. Below are key points to consider:
Lower Mortgage Payments
The interest rate that you are paying on your existing mortgage could be higher than today’s current market rates. Refinancing might be a good way to lower your mortgage payment.
Keep Payments from Going Up
If you are concerned about interest rate changes that will increase your monthly payment on your Adjustable Rate Mortgage, you may want to consider refinancing into a fixed rate mortgage. Southern Bank offers 15, 20 and 30-year fixed rate mortgages.
Consolidating your debts can give you the opportunity to save on interest rates by rolling all your debts into your mortgage. Use the cash from your refinance to pay off other higher interest debts. By making one monthly payment, instead of several, it can help save time and interest costs.
Cash Out: Draw on Your Equity
Depending on the market conditions in your area, the value of your home may also have increased since you purchased it. Your equity is the difference between what you still owe on your mortgage and the current value of your home. By refinancing your mortgage, you can draw on this equity to use for other purposes: home improvements, college tuition, buying a second home, etc.
Our Loan Officers are here to listen to your specific needs and answer any and all questions you may have. Contact your local branch and ask to speak with a Loan Officer.