What to Know Before You Refinance Your Home
What does it mean to refinance? Refinancing is the act of taking on a new loan with different terms. Reasons for refinancing your mortgage include lowering your payment, shortening your term or using the equity you’ve built up over time to get cash back out of your home.
Deciding if it makes sense to refinance your home depends on a number of factors, but it starts with one question: What do you want out of your refinance? Here are some of the main reasons homeowners decide to refinance their mortgage:
Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you meet your financial goals.
Want to find out if refinancing is right for you? A good way to start is by looking at the current mortgage rates. Don’t forget – rates change daily based on the market, so if you like what you see, make sure to talk to a Home Loan Expert to get your personalized rate and lock it in as soon as possible.
Refinance Calculator
Want to see if refinancing makes sense for you? Try our refinance calculator. Here’s how it works.
First, we’ll ask about your primary goal for your new loan. You can choose between lowering your payment and paying off your home sooner. Depending on which option you select, you’ll either be asked what your current onthly payment is or how many years you have left on your loan.
After that, you’ll be asked to estimate what you still owe and how much your home is worth to determine the amount of the loan. Then you input a rough credit estimate and your ZIP code.
The results page will show you a sample rate and payment. You can adjust the rate and type of loan, as well as add taxes and insurance to find out if refinancing your mortgage can help you meet your financial goals.
Find out if now is the right time for you to refinance your current mortgage.
