Home Refinancing

Life changes &
so can your loan

A lot has changed since you bought your home. Interest rates vary, your equity increases and your financial priorities shift. Refinancing with a new loan and terms is a smart move that your Loan Officer can help explain.

Lower Payments

Lower Payments

Lowering your interest rate can lower your monthly mortgage payment. You'll have more freedom to save or spend with a smaller bill. The choice is yours.

Shorter Payment Terms

Shorter Payment Terms

If you have more room in your budget, you might want to pay off your mortgage faster or build equity quicker. By refinancing to shorten the term of your loan, your payments will increase. You'll also pay less in interest.

Cash-out on your Equity

Cash-out on your Equity

Your monthly payments increase your equity over time. A cash-out refinance allows you to exchange that equity for cash without a tax penalty.
**Consult a tax professional for more information.

Questions to Ask Before Refinancing

Refinancing can be a good option if your goals are to lower your payments or shorten the length of your loan. You don’t have to wait for low-interest rates to achieve these goals. Reviewing your goals with your Loan Officer is an important step. They will help you determine if refinancing is the right solution for you.

A higher credit score generally results in a lower interest rate. A better score will put you in a better position for refinancing, but your credit is only a piece of the puzzle. It’s essential to review the whole picture with your Loan Officer.

Refinancing is a long-term solution, meaning it can take years to see a real difference in your budget. This is a better solution if you plan to stay in your home to enjoy the savings.

Investing in the improvement of your home is a great reason to consider a cash-out refinance. Maintaining and remodeling can increase the value of your home. Your Real Estate Agent is an excellent resource for this. Some examples are finishing your basement, remodeling your bathroom, or replacing your gutters.

Mortgage Process
Making Payments

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