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Refinancing Can Save You Money

Feb 20
9:03
PM
Category | General

Refinancing Can Save You Money

Can you justify refinancing?

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: to obtain a lower interest rate; to shorten the term of their mortgage; to convert from an adjustable-rate mortgage (ARM), to a fixed-rate mortgage, or vice versa; to tap into home equity to finance a large purchase, or to consolidate debt.

Refinancing to Secure a Lower Interest Rate

One of the best reasons to refinance is to lower the interest rate on your existing loan.

  • A lower interest rate on your mortgage is one of the best reasons to refinance.
  • When interest rates drop, consider refinancing to shorten the term of your mortgage and pay significantly less in interest payments.
  • Switching to a fixed-rate mortgage—or to an adjustable-rate one—can make sense depending on the rates and how long you plan to remain in your current home.
  • Tapping equity or consolidating debt can be good reasons to refinance.
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Reducing your interest rate not only helps you save money, but it also increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment.

Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of your loan, or helps you build equity more quickly. When used carefully, it can also be a valuable tool for bringing debt under control.

 


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