Refinance Your Home
Your Mortgage Should Continue to Fit Your Goals
Your financial situation can change over time. Refinancing may provide an opportunity to restructure your existing mortgage to better fit your current needs.
Reasons You May Consider Refinancing
Reduce your interest rate or monthly payment
Change the term of your mortgage
Move from an adjustable-rate to a fixed-rate loan
Access available home equity
Consolidate certain debts
Remove or restructure mortgage insurance when eligible
Finance home improvements or other major expenses
Change loan programs
EXPLORE YOUR REFINANCE OPTIONS
Rate-and-Term Refinance
A rate-and-term refinance replaces your existing mortgage with a new loan, generally without taking significant cash out.
It may be worth considering if you want to:
Reduce your interest rate
Lower your monthly principal and interest payment
Change the length of your loan
Move from an adjustable-rate to a fixed-rate mortgage
Change from one loan program to another
Cash-Out Refinance
A cash-out refinance allows you to replace your existing mortgage with a larger loan and receive a portion of your available equity in cash.
Funds may be used for purposes such as:
Home improvements
Debt consolidation
Major expenses
Investment opportunities
Other financial needs
A lower payment isn't the only reason to refinance. We'll look at the new loan, closing costs, available equity, monthly payment, and your long-term goals to determine whether refinancing makes sense.
Your Home Equity May Give You Options
As your home's value increases and your mortgage balance decreases, you may build equity that can potentially be used to meet other financial goals.
Depending on your circumstances, options may include:
Cash-out refinancing
Home-equity financing
A reverse mortgage for eligible homeowners
A Reverse Second Mortgage, which may allow eligible homeowners to access equity without replacing their existing first mortgage
Which Option Makes the Most Sense?
Accessing equity isn't just about how much money is available. We should also consider your existing mortgage rate, current payment, new financing costs, how long you plan to remain in the home, and your overall goals.
When Does Refinancing Make Sense?
There isn't one interest-rate reduction that automatically makes refinancing worthwhile. The answer depends on your current mortgage, the proposed new loan, closing costs, and how long you expect to keep the property.
We'll compare:
Your current mortgage balance and interest rate
Your existing monthly payment
The proposed new rate and loan term
Estimated closing costs
Your new monthly payment
Available home equity
How long you expect to keep the home
Your overall reason for refinancing
Look Beyond the Interest Rate
A lower rate doesn't necessarily mean a better financial outcome if you're extending the loan term or paying substantial closing costs.
The goal is to look at the complete picture—not just the advertised rate.
Ready to Review Your Refinance Options?
Whether you're looking to reduce your payment, change your loan terms, access home equity, or simply find out whether refinancing makes financial sense, we'll start by reviewing your current mortgage and your goals.
REQUEST A REFINANCE REVIEW
CONTACT GIDGET
Refinancing your existing mortgage may result in finance charges over the life of the loan. Loan approval, available equity, rates, terms, and cash-out amounts are subject to credit approval, underwriting guidelines, property requirements, and applicable loan-program requirements.
