Refinance

Mortgage refinancing may be able to offer you benefits such as reducing your monthly payment, lowering the interest expenses you pay over the life of the loan, and/or getting cash at closing by borrowing against the equity in your home.

  • Lower your rate and monthly payment
  • Reduce your term
  • Take cash out
  • Consolidate debt
  • Things to consider before you refinance:
    • Debt-to-income ratio
    • What it means to use your equity
    • Refinancing costs - When you refinance, you pay off your existing mortgage with the proceeds from a new loan. Because you're getting a new loan, there are some costs involved, so you want to get a handle on the refinance process and costs and fees before deciding whether a mortgage refinance is right for you.
    • Possible penalties
    • How long you plan to stay in your home