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Alabama Refinance Mortgage Calculator

Mortgage Refinancing

Welcome to REFI or RESELL – December 15th 2020 Edition.

I’m Jason will JPAR Coast & County, and I’m joined by my beautiful wife and Movement Mortgage REFI Expert, Diana Will.  In this blog, Diana is going to break down mortgage refinancing for us.

Diana: Refinancing can free up money to put in a swimming pool, buy a beach condo rental investment, or that second home in the mountains you’ve been dreaming about. You know, so like if there are big plans in the next two years in near future, looking at a refinance right now is the smartest thing to do!

Jason: So, you can pay off debt, you can buy investment property, or you can use your equity for home improvement.

Diana: The benefits for refinancing are virtually limitless:

  • You can reduce your monthly payment, strictly by just paying more principal, with less interest in your payment.
  • You can reduce the terms of your loan. You could increase the terms of your loan.
  • You can pay off debts, like credit cards and car payments. 
  • You can even pull cash out just to put it in the bank, because it can borrow it for 2.875% – which is a no brainer! 

Jason: Is it expensive to REFI?

Diana: It doesn’t actually cost money to refinance. So there are fees that are associated with the loan, but there are also fees that you don’t have to necessarily pay out of pocket either.  Let’s say there’s $5,000 in closing costs, you can look at it as a wash because you’re going to skip at least one mortgage payment potentially two. In addition to that, everything in your current escrow account will be refunded to you as well. 

You’re going to put money in for escrow here, but you’re going to get it back over there.

You’re going to get a little influx of cash. If you want to take that influx of cash and put it right back into the cost of the REFI, it will like zero basis itself. It’s simply moving money to save money.

Jason: Who is an ideal REFI candidate?

Diana: If you’re paying more than 3.5% in interest right now, we should have a conversation. You can reach me direct on my cell at 251-508-1336.

*Diana is licensed in Alabama, Mississippi, Georgia, and Florida.

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Pelham, AL 35214