Refinance Your Home
Everyone’s happy when they can save money. When you refinance your mortgage*, you are basically swapping out your old loan for a new one – which can really improve your financial position if done right! A refinance can lower your monthly payment and free up money that you can save, invest, or use for other expenses.
And with home values on the rise, you may be seeing the equity in your home increasing. You’ve earned that cash! And now may be the opportunity to take advantage to pay off debt, make home improvements, or pay for your child’s education.
*With a refinance of your current loan, your total finance charges may be higher over the life of the loan.
Why Refinance Your Mortgage?
- Lower your monthly payments – if rates have dropped since your original mortgage, you may be able to refinance into a loan with a lower rate. This will lower your monthly payments and you will also likely pay less over the life of your loan.
- If your credit score has gotten a significant boost you may also be able to refinance to get a better rate.
- The fixed rate on your adjustable mortgage is ending. You can switch to a fixed rate mortgage to protect you from future higher payments
- You can afford higher monthly payments. You may want to switch to a shorter-term mortgage to pay your loan off faster.
Cash-Out Refinance
Home values are through the roof in many areas (no pun intended). You may want to take advantage of the equity you’ve built in your home to complete home renovations, pay off debt or just go on a fabulous vacation!
A cash-out refinance can help you accomplish your goals without relying on credit cards, a personal loan or a second mortgage.
What Will My Payments Be?
You can use our mortgage calculator tool to get an idea of what your payment would look like to refinance. To get a more accurate quote for your unique situation – or if you want to take cash out, it’s best to contact us for a quote.