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Banking products are provided by Regions Bank,
1900 5th Avenue North,
Birmingham, AL 35203 © 2013 Regions Bank |
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Member FDIC | 1-800-REGIONS
Many factors should be considered when determining if refinancing is right for you and your current financial situation. Speaking with a local Regions Mortgage Loan Originator regarding your reason for refinancing can help you make the decision if a refinance is the best option for you and ensure you pick the product option that best fits your needs.
There are many reasons why people consider refinancing: getting a lower interest rate to reduce their monthly payment, reducing the term of their loan from 30 to 15 years, or even taking advantage of any equity in their home so they can do improvements or pay off other debts.
While there may be other reasons to consider refinancing, these are the primary reasons we see. Of course, it's best to talk to a Mortgage Loan Originator to discuss options that are right for you, if you qualify and what product is best for your needs.
Typically you want to aim for a rate decrease of at least 1 percent. However, you may want to consider less of a decrease depending on your situation, including whether you are moving from a variable to fixed rate, and how long you intend to remain in your home. The best thing to do is discuss your situation with your Mortgage Loan Originator
who will give you information that can help you make the right decision.
The goal of reducing the term of your loan is to pay off your property more quickly. Do you think you can afford an increase in your monthly payment? If so, and you want to pay off your loan quicker, you could consider refinancing to lower the term of your loan. But because our interest rates are historically low, you may be able to refinance to shorten the life of your loan AND reduce your monthly payment. Again, a local Mortgage Loan Originator
will be able to best help you consider your options.
If you have equity in your home (i.e. you owe LESS than what your home is worth), you may be able to qualify for a "cash-out" refinance. This basically means you will be able to draw out the equity you have in your home. Typically homeowners do this for home renovation projects or to pay off debts. To avoid the additional costs of private mortgage insurance, you should make sure to keep the loan-to-value ratio for your mortgage loan at or below 80 percent. A Mortgage Loan Originator
can evaluate your situation and help you to make an informed decision as to whether or not you should consider cashing out your equity on your home.
Home Affordable Refinance Program
The Home Affordable Refinance Program (HARP) gives homeowners the opportunity to refinance at historically low rates, even if your home value has dropped in value. In order to be eligible for HARP, you must have a mortgage loan owned or guaranteed by Freddie Mac or Fannie Mae and be current on your mortgage payments.
To learn more about if you are eligible for HARP, talk to a Mortgage Loan Originator, visit Regions.com/harp or visit your local branch.
To determine if you're eligible for HARP, you must know:
- Is your home loan owned by Freddie Mac or Fannie Mae?
- If so, was your loan sold to Freddie Mac or Fannie Mae on or before May 31, 2009?
If so, you may be eligible.
If you don't know whether or not your loan is owned by Freddie Mac or Fannie Mae, the contact information is below. Simply call or visit their site to research your loan.
And, as always, Regions is happy to help. Feel free to call us at 1-800-748-9498, or drop by your local branch.
You don't have to be a Regions customer to refinance through HARP. If you meet the eligibility requirements, we may be able to refinance your loan.
Regions is committed to helping eligible homeowners refinance through HARP, regardless of their current mortgage servicer. Whether your loan is currently with Regions or another lender – we are here to help.
And remember, if you don't qualify for HARP, there may be other ways Regions can help. if you are a Regions Mortgage customer, You may qualify for a loan modification under the government's Home Affordable Modification Program (HAMP) or Regions Customer Assistance Program (CAP).
You can contact Regions Mortgage at 1-800-748-9498 between the hours of 8 a.m. to 8 p.m. Central Time, Monday to Thursday, 8 a.m. to 6 p.m. Central Time on Fridays and 8 a.m. to 12:00 p.m. Central Time on Saturdays.