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When refinancing might be a good option for you.

Refinancing your mortgage can help you achieve your financial goals, whether lowering your monthly payments, paying off your loan faster, or tapping into your home’s equity. It’s important to evaluate your situation and see if refinancing makes sense for you.

  • Lower your interest rate:  Secure a lower interest rate to reduce your monthly payments and save on interest over the life of your loan.
  • Change your loan term: Switch to a shorter term to pay off your mortgage faster or extend your term for smaller monthly payments.
  • Convert from an adjustable-rate to a fixed-rate mortgage: Lock in a consistent rate for predictable monthly payments.
  • Tap into your home’s equity: Use a cash-out refinance to access funds for home improvements, debt consolidation, or other major expense.
  • Eliminate private mortgage insurance (PMI): If your home has increased in value, you may be able to remove PMI and lower your monthly payment.

Ready to explore your options? 

Our expert mortgage bankers are here to guide you through the refinancing process. Reach out today to discuss how refinancing can help you achieve your financial goals.

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Frequently Asked Questions

What is a cash-out refinance?

A cash-out refinance allows you to tap into your home’s equity and take out a larger loan than your current mortgage. You receive the difference in cash, which can be used for home improvements, debt consolidation, or other expenses.

Can I refinance to shorten my loan term?

Yes, refinancing to a shorter term, such as a 30-year to a 15-year mortgage, can help you pay off your loan faster and save on interest, though your monthly payments may increase.

How do I know if refinancing is right for me?

Refinancing may be a good option if you want to lower your monthly payment, reduce your interest rate, change your loan term, or access cash from your home’s equity. It’s best to consult with a mortgage banker to evaluate your specific situation.