Benefits of Refinancing

Make your mortgage work for you!

A mortgage refinance loan is the replacement of your existing mortgage with a new home loan that may have different or more favorable terms, such as a shorter repayment term, a lower interest rate, or lower monthly payments. Refinancing often results in a more favorable financial situation and can provide many benefits. A dip in interest rates is often an ideal time to refinance..

Lowering Your Interest Rate.

By obtaining a lower interest rate, you can save money throughout the life of the loan and decrease the overall interest paid. Moreover, a lower interest rate often translates into a smaller monthly mortgage payment. This could free up funds that can be used to pay off high-interest debt, boost your savings, or invest more into your retirement account.

Reduce The Term.

As a borrower with a long-standing loan, lowering interest rates can enable you to switch from a 30-year loan to a 20-year loan without experiencing a significant difference in your monthly mortgage payments.

Access Equity.

Home equity is established through mortgage payments, rising home values, or a combination of both. As a borrower, you can access the equity you've accumulated through a cash-out refinance. This additional cash can be used for various purposes, including home repairs or renovations, debt consolidation, and significant expenses such as medical bills, legal fees, and college tuition.

Stability.

For those with adjustable rate mortgages (ARMs), refinancing to a loan with a fixed interest rate can be a wise decision, especially when an upcoming interest rate adjustment period is around the corner. By doing so, a lower fixed rate can be secured and give borrowers peace of mind.

Remove Private Mortgage Insurance.

As a borrower, you are usually required to pay private mortgage insurance (PMI) unless you're getting VA loans, when financing more than 80% of your home's worth. In this situation, refinancing your mortgage may be an opportunity to remove this expense. This option is available to borrowers whose loan-to-value (LTV) is less than 80% because of a reduced loan amount, an increased home value, or both.

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Home Refinance

Home Purchase

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