Has your home recently increased in value? Is your mortgage interest rate higher than the current average? If so, Mortgage Refinancing could help you save money on interest and private mortgage insurance, or help you convert equity to cash to finance a home improvement project or other large expense.
What is mortgage refinancing?
Refinancing your mortgage means applying for a new home loan to replace/pay off your current loan. Unless you’re doing a cash out refinance, your new home loan would have approximately the same balance as your previous one, but with a lower interest rate and/or term length.
Why refinance your mortgage?
The advantages of refinancing include:
- Save on interest by lowering your rate
- Switch from an adjustable to a fixed rate loan
- Eliminate PMI requirement
- Extend your loan term to lower your monthly payment
- Shorten your loan term to pay off your mortgage sooner
- Convert some of your equity to cash
Contact us to learn more about mortgage refinancing!
To get started with your mortgage refinance application, work with a local lender familiar with mortgage refinancing—contact your nearest location to learn more!