Refinancing

 

Refinancing is often used to lower your interest rate. If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out). A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.

Another way to convert equity in your home to cash is a "home equity" loan. A "home equity" loan is an alternative to refinancing if your home loan has a very low rate compared to current interest rates or if you have a prepayment penalty on your loan.

Benefits

  • Reduce Your Interest Rate
  • Cash Out Equity for Home Improvements
  • Consolidate Debt
  • Lower Monthly Payments

To Refinance You'll Need

Lower Monthly Payment

Take advantage of today's historically low rates, a lower payment can provide security in uncertain times.

  • Good For
  • Extra Monthly Money
  • Retirement Savings!

Get Cash Out

If your house has increased in value, you can use that equity to get cash-out, for whatever you need!

  • Good For
  • Home Improvement
  • Paying high-interest debt

Shorten Your Loan Term

Rates on 15 year mortgages can make the payment similar but the pay-off years sooner!

  • Good For
  • Lower money towards interest
  • Paying off the home sooner!