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Considering refinancing your current mortgage? Learn the benefits of refinancing with us.
Simply put, a mortgage refinance is when you replace your current home loan with a new one. There are many ways homeowners benefit from refinancing depending on their financial situation.
A mortgage refinance could help you to accomplish one or more of your financial goals.
Lower Your Monthly Mortgage Payment
This is the most common reason that homeowners refinance. If your mortgage’s interest rate is significantly higher than the current market you should talk to a Loan Advisor. You could potentially lower your monthly mortgage payment and save thousands of dollars over the life of your loan by refinancing to a lower rate. By refinancing, the total finance charges may be higher over the life of the loan.
Remove Private Mortgage Insurance (PMI) By refinancing from an FHA mortgage to a conventional loan, you could eliminate mortgage insurance and lower your monthly payment.
Change Your Term If you currently hold an Adjustable-Rate Mortgage (ARM), switching to a Fixed Rate Mortgage could provide more stability and prevent your monthly payment from rising.
Pay Your Mortgage Off More Quickly You can also save money over the life of your loan by opting to shorten your current mortgage term. This way you’ll likely pay more each month but less in interest overall.
Pay Off Debt A cash-out refinance can also be used to pay off debt. You may be able to consolidate high interest debts, like credit card and student loans, into one loan with a lower interest rate that can be paid off faster.
Get Cash Out Many homeowners utilize a cash-out refinance to tap into the equity of their home and turn it into cash. You can use this cash to finance home improvements, a vacation, or however you like!
Looking to leverage some of your home equity without the burden of a full Cash-Out Refinance? Consider a Home Equity Line of Credit (HELOC.) This is a brokered product offering that draws upon your equity to create a revolving, open line of credit. This open line of credit functions much like a credit card but it is secured with equity from your home.