REFINANCING YOUR HOME

If you’re a homeowner, you might be hearing everyone—from your neighbors to news anchors—talking about refinancing.
So, should you be considering it too?

What is refinancing a mortgage?

When you refinance your mortgage, you are basically swapping out your old loan for a new one. There are two main types of refinances: rate-and-term refinance and cash-out refinance.

RATE-AND-TERM REFINANCE

The remaining balance on your current mortgage is transformed into a new loan that has a better rate and/or term for your situation.

CASH-OUT REFINANCE

You liquidate some of your home’s equity, creating a new loan that consists of your previous mortgage balance plus the cash you took out.

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There are many situations in which refinancing your mortgage may be right for you:

  • Rates have dropped; this could mean lower monthly payments
  • Your home value has increased
  • You want to take cash out
  • You want to consolidate your debt
  • Shave years off of your mortgage; this could save thousands over the life of your loan
  • To eliminate mortgage insurance
  • The fixed period on your adjustable rate mortgage is ending
  • Your credit score has improved since you originally purchased your home

If you want to know if a refinance is right for you

Take our quiz to find out!

IS NOW A GOOD TIME TO REFINANCE?

Want more information on specific types of home loans available to you? Check out our loan options section!