Refinance Your Mortgage

Take advantage of a lower interest rate to lower your monthly payment or shorten your term.

Refinancing a mortgage can be a great way to save money, as it can lower your mortgage rate and monthly payment while leveraging your home equity. When mortgage rates are low, the number of refinance loan applications typically rises. However, the process can be lengthy and expensive, so it's important to have a comprehensive understanding of how it works before beginning.

What is Mortgage Refinancing?

Mortgage refinancing is an attractive option for many homeowners. It gives them the opportunity to get a new loan with new terms, potentially saving them money in the long run.

To start the process, all you need to do is complete a new home loan application and provide your loan officer with the necessary supporting documentation. You'll also need to authorize a credit check and pay closing costs. Depending on your financial goals, you can choose between a shorter or longer loan term.

If you decide to refinance into a shorter term, you can pay off your mortgage sooner.

Why Should I Consider a Refinance?

People often refinance their mortgage in order to secure a lower rate and payment. This process can also involve converting an adjustable-rate mortgage to a fixed-rate loan. Additionally, some homeowners prefer to switch to a different mortgage program, such as moving from an FHA loan to a conventional home loan.

When is the Right Time to Refinance?

Refinancing your mortgage can be a great way to save money, but there are certain conditions to consider before taking the plunge.

Make sure the potential savings from a new mortgage rate offsets the cost of refinancing. Also, factor in how long you plan on staying in the home (you want to be able to get back the financing costs) and check your credit report to ensure you'll qualify for a low rate. You should only refinance when you're in a good position, financially.

With these factors in mind, you can make a sound decision about whether or not to refinance.

Cost of Refinancing a Mortgage

Refinancing a mortgage involves closing costs, similar to the original mortgage loan. These costs vary by location and can average up to 5% of the mortgage balance. Closing costs include origination fees, title search fees, attorney fees, points, prepaid interest and other related fees, and are due at closing.

Refinance Benefits

Refinancing can help you save money, lower your monthly payments, and get more flexible terms. Plus, you can use a cash-out refinance to access your home equity and use it for things like home renovations, college tuition, debt consolidation, and more.

Refinance Your Mortgage

What is Mortgage Refinancing?

Why Should I Consider a Refinance?

When is the Right Time to Refinance?

Cost of Refinancing a Mortgage

Refinance Benefits

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