Refinancing your Mortgage
When interest rates suddenly fall or there’s a change in your financial circumstances, many homeowners will consider refinancing their mortgage. Refinancing is actually replacing your current mortgage with a brand new loan. In doing this, expect to go through a mortgage application process similar to what you experienced with your original mortgage. Refinancing can often be a sound financial choice that can allow you to meet a variety of your financial needs:
- With lower interest rates you can reduce your monthly payments
- Shortening the term of your loan or reduce interest cost over the life of your mortgage by refinancing with a lower interest rate.
- Reduce the interest rate risk by switching from adjustable-rate or balloon mortgage to a fixed-rate loan.
- Free up your equity for large expenses or debt consolidation.
Although the above might make refinancing seem like an easy decision, consider the following before making your final decision:
- Current interest rate vs. new potential rate
- Closing costs
- How long you plan to stay in your home
- How the refinance will support your overall financial goals
Use the calculator to determine how long it will take you to break even on a mortgage refinance.
Contact a mortgage specialist
- Apply Online
- Stop by one of our conveniently located financial centers.
- Call us today at 800-807-0766