Refinance
If you own a home, you know about monthly mortgage payments – a sizeable sum with considerable impact on your month-to-month finances. You’re also likely used to balancing this with your other payments, savings and debts. As one of your largest investments, refinancing your home can provide you with many options and benefits.
Refinancing means that you pay off one loan with the proceeds from a new loan using the same property as security. Some people refinance to take advantage of lower interest rates, while others may do so to get money for a home improvement project. Whatever your goal, you’ll want to make sure the home refinance option you choose fits into your larger financial plan and will truly benefit you in the long run.
Understanding your options is the first step to making an informed decision.
Lower My Monthly Payment
Refinancing to have a little extra cash each month – to apply to high-interest debts or save for the long term – is appealing. But how you go about lowering your payment, as well as your unique financial situation, is important.
Reduce My Interest Rate
In general, the lower the interest rate the less you will pay on your loan overall. But many factors go into determining the interest rate that applies to your home refinance loan. We’ll help you determine if refinancing for a reduced interest rate will work for you.
Shorten My Repayment Period
Is owning your home sooner a worthy tradeoff for higher monthly payments? Does paying off your home loan before other debts make financial sense? Let our team of loan consultants help you weigh some of the pros and cons.
Take Cash Out
A cash-out refinance allows you to refinance your existing mortgage and take a new mortgage for more than you currently owe, getting the difference in cash.
