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Why You Should Refinance

Lower Your Monthly Payment

Extend the term of your loan
By replacing your existing loan with a longer term mortgage, you can reduce you monthly payment even if interest rates have not gone down.

Switch from a Fixed Rate to an ARM
By converting to an adjustable rate mortgage, you will be able to reduce your monthly payment during the initial fixed period (i.e., until the loan rate resets) and over the life of the loan if interest rates stay the same or go down. You also may be able to lower your monthly payment by taking out a loan with an interest only payment during the initial period (i.e., until you are required to repay principal).

Lower Your Interest Rate

Take advantage of a lower interest rate
It may pay for you to refinance if current rates have dropped 1/2 percent or more since you obtained your mortgage. To determine if refinancing is beneficial to you, you need to consider the annual savings afforded by the lower interest rate and compare that to the cost of refinancing and the length of time you plan to remain in the property. If the time it takes to recapture the costs is less than the time you plan to remain in the property, then refinancing makes sense for you. Our loan officers can assist you in making this decision.

Reduce the term of your loan
By switching to a 10, 15, or 20 year term from a 30 year term, you will be able to obtain a lower interest rate.

Switching from a fixed rate mortgage to an ARM
By switching to an adjustable rate mortgage, you will typically be able to obtain a lower interest rate for the initial fixed period.

Get a Fixed Rate Mortgage

Switch from an ARM to a Fixed Rate Mortgage to reduce your risk
By switching to a fixed rate mortgage, you eliminate the risk of interest rates rising. Many borrowers are taking advantage of the current low fixed rates to lock in a rate for the life of their loan instead of bearing the risk of future interest rate fluctuations.

Payoff Your Mortgage Faster

Switch to a loan with a shorter term
By switching to a loan with a shorter term you will payoff your loan faster, however, your monthly payments will increase. By paying your loan off sooner you reduce your total interest expense substantially. For example, for a $400 thousand loan at 6% for 30 years your total interest paid over the term of the loan is $463,352 and the monthly payment would be $2,398. For a 15 year term at 5.5 % the total interest paid over the term of the loan is $188,300 and the monthly payment would be $3,268. The total interest savings is $275,052.

Switch to a bi-weekly mortgage
In a bi-weekly mortgage the borrower is paying the equivalent of one extra mortgage payment per year. For a typical 30 year loan this bi-weekly mortgage payment will result in your loan paying off approximately 5 years sooner with equity in your home increasing faster and a lower total interest expense.

Get Cash Out

To consolidate your debts and/or mortgages
To make home improvements
To make an investment
To pay for an extraordinary expense

By refinancing your mortgage you can take advantage of the equity in your home by borrowing more than you owe on your current mortgage. This money can be used for any purpose.
Get More Information
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