Refinancing Quick Facts
What is Refinancing?
Refinancing is the process of paying off your existing mortgage and replacing it with a new mortgage to reduce interest rates, loan terms, monthly payments, or receive cash equity. Refinancing is also an option for those with a primary and a secondary mortgage who wish to pay them both off in order to replace them with one single mortgage.
What are the benefits refinancing?
Refinancing offers the following benefits:
- Ability to reduce monthly payments or interest rates
- May allow mortgage to be paid off sooner
- Receive cash equity for the loan difference to pay for home improvements or other large expenses
- Those with an ARM may get another with better terms, or convert to a fixed-rate mortgage
Who may benefit from refinancing?
Refinancing may the right fit for you if:
- You need cash from the equity in your home
- You’d like a lower interest rate or monthly payment
- You’d like to adjust your loan terms to pay your home off sooner or stretch out payments over a longer period of time
Is Refinancing right for you?
Select your type of mortgage review to get started:
What’s my best mortgage option for financing the purchase of a new home?
Should I refinance my current mortgage now for better terms or cash out?
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