Refinance

  • Secure a lower interest rate: If mortgage rates have dropped since you first took out your loan, you can refinance into a lower rate to reduce your monthly payment and total interest paid over the life of the loan.
  • Shorten the loan term: You can refinance from a longer-term loan, such as 30 years, to a shorter one, like 15 years. This allows you to pay off your mortgage sooner and save a significant amount on interest, though it will result in higher monthly payments.
  • Switch loan types: This is a popular option for converting an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. A fixed-rate loan offers predictable payments and protects you from future rate increases.
  • Tap home equity: With a cash-out refinance, you take out a new, larger mortgage and receive the difference in cash, allowing you to use your home's equity for expenses like renovations, debt consolidation, or education.
  • Remove mortgage insurance: If you have a conventional loan and have built up more than 20% equity in your home, refinancing can allow you to cancel private mortgage insurance (PMI) premiums, lowering your monthly expenses

Types of refinances

  • Rate-and-term refinance: The most common type, this involves getting a new loan with a new interest rate, a new repayment term, or both. Your loan balance generally does not change significantly.
  • Cash-out refinance: This replaces your existing mortgage with a new, larger loan, and you receive the difference in cash at closing.
  • Cash-in refinance: The opposite of a cash-out, this involves making a lump-sum payment at closing to lower your principal balance and potentially qualify for a better rate.
  • Streamline refinance: For government-backed loans (FHA, VA, USDA), this offers a faster, simpler refinancing process with less paperwork and, in some cases, no home appraisal.

Getting In Touch Is Easy

Most conversations start via a phone call or email.  Reach out and let's set a time for a conversation and get to know each other.  From there we'll get some side by side loan options to consider and discuss in detail.  Once you're ready, we'll have you complete our 10 minute online application.  It's that easy!