Before you make the decision, ask yourself…
- How long do I plan on living in this house?
- How much can I save by refinancing?
Now we can’t answer the first question, but we have the tools to help you with the second.
The refinance calculator only takes a few minutes! Find out how refinancing could benefit you today.
BENEFITS OF REFINANCING, AND THE REFINANCE CALCULATOR
Lower Monthly Payment
This can be achieved if you are able to secure a lower interest rate. The market or your own credit score have probably changed since you began the current mortgage. A reduction of the interest rate by even one-half percent can change your current mortgage payment.
Build Equity More Quickly
If you are in the position to switch to a shorter term loan, you can pay off the mortgage quicker. If your income has changed and you are able to make a larger monthly payment, this allows you to save financing costs and gain the equity of the house.
Change in Loan Type
You may currently have an adjustable rate loan or a long-term loan. Refinancing allows you the opportunity to lock in a fixed rate mortgage or a short-term loan. Both options can save money in terms of monthly payments or financing fees.
Use of Home Equity
The equity that has been built up in your home through your current mortgage payments can be cashed out. This money can then be used to pay off other short-term debts or for other investments.