Make Your Mortgage Work For You!
A mortgage refinance is the replacement of your existing mortgage with a new home loan that may have different or more favorable terms, such as a shorter repayment term, a lower interest rate, or lower monthly payments (total finance charges may be higher over the life of the loan).
Mortgage refinancing is a term that intimidates some homeowners, but don’t worry — your mortgage lender is here to educate you and provide the necessary support so you can meet your financial goals. Refinancing often results in a more favorable financial situation.
Benefits Of A Mortgage Refinance Include:
Lowering Your Interest Rate:
Obtaining a lower interest rate can help you save money over the life of the loan. A home mortgage refinance can reduce your monthly payment initially, but that doesn’t always mean it will save you money in the long run, as total finance charges may be higher over the life of the loan.
Fees and interest rates also need to be considered when calculating if your new mortgage refinance will save you money over the entire life of the loan. A licensed loan officer will be able to help you decide if refinancing is right for you. They’ll help you calculate at which point you will break even and begin to save.
Mortgage Refinance Calculator
Find out how much you can save if you refinance your mortgage using a mortgage refinance interest savings calculator.
Modifying the Term of Your Loan:
Changing the term on a mortgage loan (for example, from 30 years to 15 years mortgage) can help you achieve specific financial goals. Shortening your term may help you avoid penalty clauses if you plan to pay off your loan early. With a shorter term, you will pay less interest over the life of your loan. You may also be able to extend your repayment term if needed.
Consolidating multiple debts into one easy-to-manage home loan can make life easier and potentially save you money, particularly if other debts feature higher interest rates.
Mortgage Refinance Guide
Go in-depth with this refinance guidebook. Learn the seven steps involved in refinancing your mortgage.
Download The Guide
Converting your existing loan from an adjustable-rate mortgage into a fixed-rate mortgage will provide you with fixed monthly payments that remain the same throughout the duration of the loan.
Converting multiple mortgages into one mortgage can make repayment simpler and potentially save you money.
Free Up Cash:
With a cash-out refinance loan, you can get access to fund home improvements, college tuition or unexpected medical expenses. The purpose of this type of loan is to extract equity from your home.
Types of Mortgage Refinance Loans
Learn about different types of mortgage refinance loans available. Find the right fit for your needs!
Mortgage Refinance Loan Options
There are a variety of loan products available to meet your refinance needs. Common refinance options include:
*Refinancing may result in higher total finance charges over the life of the loan.