Is refinancing right for you?
Thinking about refinancing? It could be the smartest financial move you make this year. Refinancing allows you to replace your current mortgage with a new one, often with a better interest rate or different terms. This can lead to lower monthly payments, an opportunity to pay off your loan faster, or even a way to access your home’s equity for things like home renovations or paying off debt. We’ll walk you through the entire process, answering your questions and helping you find the option that’s right for you.
The Benefits of Refinancing
Refinancing your mortgage is one of the smartest financial moves you can make. It’s a way to take control of your loan and adapt it to your current financial situation.
Current Mortgage
New Mortgage (Refinanced)
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Explore Your Refinancing Options
Cash-Out Refinance
What it is: This option allows you to refinance your mortgage for more than what you currently owe. The difference in the loan amount is given to you in cash.
Lower Fixed-Rate Loan
What it is: If current interest rates are lower than what you're currently paying, you can refinance into a new mortgage with a lower fixed interest rate.
Shorter-Term Loan
What it is: This involves refinancing your existing mortgage into a new loan with a shorter repayment period, such as 15 or 20 years, instead of the traditional 30 years.
Longer-Term Loan
What it is: If you're finding your current monthly mortgage payments challenging to manage, you might consider refinancing into a new loan with a longer repayment period, such as extending from a 15-year loan back to a 30-year loan.