Refinance Your Mortgage
There can be great benefits when refinancing, but it's important to remember that it's not right for everyone. There are fees associated with refinancing, so it's typically best for people who plan to stay in their home for several more years. Speak to one of our loan originators to talk through your financial goals and allow us to help you make the best decision. Here are some of the benefits from refinancing your mortgage:
Lower your payment
You could lower your monthly payment by refinancing at a lower interest rate, while keeping your term (duration of the loan) the same.
Pay off your loan faster
Refinancing to a shorter term means you pay less interest over the life of your loan and pay your loan off much faster.
Consolidate your debt
Consolidate your high interest debt by refinancing with low, tax-deductible mortgage rates. You can refinance to the same or shorter term.
Borrow against your home
If you are wanting to make costly repairs to your home, you can borrow against your equity (the money you have paid towards your principal) and roll the repair costs into your refinanced mortgage.