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Refinancing can be an opportunity to lower your monthly payments, pay off your loan quicker, reduce your overall interest expense or even get cash out.

Pay off your home sooner

Refinancing to a shorter term can take years off your mortgage and lower the amount of interest you'll pay over the life of your loan.

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    You want to reduce the total amount you pay for the home

    If you want to pay off your home sooner and lower the total amount of interest you’re paying for it, you can refinance for a shorter loan term. If interest rates have dropped, you may be able to keep your monthly payment about the same as it is now and pay off your home a few years earlier. Doing this could potentially save you thousands of dollars in interest over the life of the loan.


    Refinancing from 30 years to 15 years

    Refinancing from a 30-year mortgage to a 15-year mortgage is one of the most common options people choose for shortening their loan term. With this option, your payments will likely increase, but you will own your home sooner and save thousands of dollars in interest.


Lower your monthly payment

If you are looking to increase your cash flow, consider refinancing for a longer term with a fixed rate. If you are planning to sell in a few years, an adjustable-rate mortgage (ARM) may be the way to go.

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    You want to lower your monthly payments

    Looking to increase your cash flow? One benefit of refinancing is that you can free up some money in your budget by reducing the amount you’re paying for your loan each month. You can lower your payments by refinancing for a longer term, such as a 30-year fixed loan (if you currently have a shorter-term loan).

    Or, if you are not planning to stay in your home for more than 5 – 6 more years, you may choose to refinance at a lower interest rate using an adjustable-rate mortgage (ARM). The initial rate for an ARM loan will be lower than that of a 30-yeare fixed rate.


    Note: Having a longer-term loan can reduce your monthly payment. However, keep in mind that you will pay more in interest over the life of your loan.


Tap into your home's equity

If you are looking to do a large home improvement project or would like to consolidate your higher-interest debt accounts – a cash-out refinance can help.

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    You want to use your home’s equity to take cash out

    Another reason to refinance is to take cash out. Taking cash out means receiving a one-time cash payment at the closing of your refinancing. To receive cash out, you will need to obtain a loan for more than what your current principal mortgage balance is.


    Remember: the cash-out refinance will also increase your overall mortgage debt.


    Cover the cost of home improvements

    Whether you are looking to upgrade your kitchen, add a new roof, make energy-savings upgrades, landscaping your yard; 


    Consolidate debt

    Use some of the refinance proceeds to pay off your higher-interest credit cards.

    Being that the interest rate on your mortgage will likely be lower than that of your credit card’s rates, you could enjoy lower payments. And perhaps use the difference in savings to make additional principal reductions each month towards your new mortgage so you can bring down your balance faster.


    Make a big purchase

    If you are planning on a large purchase such as: covering college expenses, paying for a wedding, purchasing a new automobile, etc., a cash-out refinance will allow you to cover these expenses at a lower rate than many other loans or credit cards can offer. Plus, the interest on your mortgage is tax-deductible, unlike personal loans.


    Save some of the refinance proceeds

    Putting some of your refinance proceeds into your savings account for future unexpected home repairs, or other emergency is a wise idea. This will give you a piece of mind that your future expenses will be covered. 


  • Reasons to Refinance

    • Pay off your home sooner (Reduce the term of your loan)
    • Lower your monthly payment
    • Tap into your home’s equity
    • Lower the total amount you pay for your home
    • Remove Mortgage Insurance (MI) from your current loan
    • Change from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage
    • Consolidate your 1st/2nd/HELOC mortgage into one loan
    • Take out cash for a large purchase or home improvements

  • When you should consider refinancing

    Refinancing your mortgage

    When you choose to refinance your mortgage, it means that you are replacing your current mortgage with a new one — with new terms, conditions, closing costs and maybe a new lender.


    If mortgage rates are falling or your home has dramatically appreciated in market value, you may want to consider refinancing your mortgage.


    Generally speaking, one or more of the following conditions needs to be present before you should consider refinancing your mortgage:


    Mortgage interest rates are falling

    When mortgage rates fall, it can be a great time to refinance your home. In this situation, there are two ways to reduce your total borrowing costs over time:

    • You can keep your current repayment term and lower your monthly payments.
    • You can keep your monthly payments about the same and shorten your repayment term.

    Home values are rising

    If your home has gone up in value, refinancing can help you take advantage of the increased equity in your home. For example, if you refinance, you can use the equity to help pay off high-interest debt like credit cards and other types of loans or pay for big purchases like a wedding or education.


    You have been in your home for just a few years

    Refinancing usually makes the most sense in the early years of your mortgage term. That’s because, early on, your payments are primarily going toward interest. In the later years of your mortgage, as you begin to pay more principal than interest, you may be better off keeping your original loan.


    When interest rates drop, or home values rise, it may be a clever idea to refinance your loan.


    Refinancing can help you lower your monthly payments, reduce your total payment amount, or even put your home equity to effective use. We'll help you understand the pros and cons of refinancing, so you can evaluate whether it's the right time to consider refinancing.


    Remember: Refinancing will give you a brand-new mortgage to pay off and will take you back to the beginning of the cycle (so you’ll be paying mostly interest again).

FREE Home Loan Review

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