REFINANCE OPTIONS
There are two basic reasons for refinancing your home: to get more cash to spend now, or to pay less for your home over the long run. Our experienced loan officers can help determine whether refinancing makes sense for you.
Rate-and-Term
Do you want to lower the interest rate on your home loan? You could do what’s called a rate-and-term refinance. If your current home loan carries a higher interest rate than what’s available today, refinancing could save you money. This type of refinancing involves getting a new mortgage with a lower interest rate and/or shorter repayment schedule, to lower the total cost of your mortgage.
Cash-Out
Are you looking to make a home improvement, consolidate debt, or cover other large expenses or investments? A cash-out refinance may be right for you. You could be in a position to refinance if your home has tappable equity. This type of refinancing involves replacing your existing mortgage with a new one whose amount is higher than what you currently owe, which is how you come away with cash in hand.