Benefits of Refinancing

Lowering Your Interest Rate

Obtaining a lower interest rate can help you save money over the life of the loan.* Refinancing 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 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. We’ll help you calculate at which point you will break even and begin to save.

Modifying the Term of Your Loan

Changing the term on a mortgage (for example, from 30 years to 15 years) 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.

Debt Consolidation

Consolidating multiple debts into one easy-to-manage loan can make life easier and potentially save you money, particularly if other debts feature higher interest rates.

Predictability

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.

Mortgage Consolidation

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 funds home improvements, college tuition or unexpected medical expenses. The purpose of this type of loan is to extract equity from your home.