Four reasons to consider refinancing
The mortgage refinancing process involves paying off an existing loan and replacing it with a new one. From making home improvements to saving money each month, refinancing can help you achieve your goals.
1
You could save money.
Refinancing your mortgage at a lower rate could decrease your monthly payments and help you save big over the life of your loan.
2
Shorten or extend the length of your term.
Shortening your loan term could help you pay off your loan faster and potentially at a lower rate. Extending your loan term could lower your monthly payment.
3
Change to a fixed-rate or adjustable-rate mortgage.
Fixed-rate mortgages are great for longer-term living situations. But if you’re looking to save money in the short term, an adjustable rate might be better.
4
Pay for important life expenses.
Education costs, home renovations, and weddings can be outlandishly expensive. Consider refinancing to pay for these milestones in cash.