Benefits of Refinancing
Whether you're refinancing your current mortgage to lower your rate, your term or to convert your equity into cash in order to perform home repairs, renovations, additions, pay for tuition or simply consolidate high interest debt, it's important to have loan options and the right guidance; we would be happy to answer any questions and help you through the home loan process, from application to closing.
Lowering Your Interest Rate:*
A lower interest rate may help you reduce your monthly principal and interest payment and save you money over the life of the loan.
Modifying the Term of Your Loan:*
Depending on what your specific goals are you may be interested in lowering the term of your mortgage which will allow you to pay less interest over the life of your loan, but keep in mind that your monthly principal and interest payment will be significantly higher on shorter terms.
Consolidating multiple high interest debts into one loan can make life easier and may potentially save you money by paying down your interest. Having too many bills to manage each month takes a lot of time and effort; by refinancing you may be able to consolidate debt into a single monthly payment. One thing to also keep in mind is that there are costs involved with refinancing which are usually added to the mortgage balance and are spread out over time, do not ignore these costs, they should be calculated in order to make sure that it makes financial sense to refinance your mortgage in order to consolidate your debt.
With a cash-out refinance you may be able to use the equity in your home in order to gain access to funds for home repairs, home renovations or college tuition. The purpose of this type of loan is to extract equity from your home in the form of cash to use for whatever you may need it for.
*As a result of refinancing, your total finance charges may be higher over the life of the loan. All applications are subject to credit, property and income approval. This is not a commitment to lend. Loan products are subject to change and may not be available in all cities or states. Speak to a licensed loan officer for more details about available loan products and full eligibility requirements.