Refinance your mortgage so it fits your life today
Whether you’re looking to lower your monthly payments, save over time, build equity quicker or access cash from your home’s value, refinancing* could help. It replaces your current mortgage with a loan offering a new rate, term or structure that better fits your life today.
Is refinancing right for you? Our experts can help you decide.
There is a lot to think about when refinancing. Good thing you don’t have to figure it out on your own. Our loan experts take the time to understand your needs and goals and provide clear, honest guidance on how, why and when a refinance could work for you.
- Compare your savings options
- Break down loan types and terms
- Determine your breakeven point
- Weigh the pros and cons
- Identify the right path forward
Frequently Asked Questions
A mortgage refinance replaces your current home loan with a new loan that usually offers a more favorable rate, term or principal balance. Here’s how it works:
- You get approved for a new loan.
- You use the new loan to pay off your current mortgage.
- You start making payments on your new loan.
Many times, payments are lower because the new loan has a lower rate. But there are other ways a refinance can work for you. For more information, check ou this article.
Depending on your current mortgage and future goals, you have different refinance options:
- Rate and term refinance
- Cash-out refinance
- FHA or VA Streamline refinance loans
To see which is right for you, read this article.
With a cash-out refinance, you refinance your current mortgage loan into a new, larger loan. The difference between the new mortgage amount and the existing balance is given to you in a lump sum of cash. To learn more about how you can leverage your home equity with a cash-out refi, read this article.
Depending on your financial situation and goals, there are many compelling reasons to refinance:
- Debt consolidation
- Accessing cash
- Shorten loan term
- Lower monthly payments
To see what you can achieve with a refinance, check out this article.
With most conventional loans, you can refinance six months after closing. We recommend reaching out to your lender for specific requirements.
The refinanced mortgage will have a new principal balance and interest rate that will affect your monthly payment. How it changes will depend on the loan terms. For example, if refinancing to a lower interest rate, monthly payments will decrease. To estimate how much you can save, use our calculator.
Yes, you will need to pay closing costs when refinancing your mortgage. The closing cost amount will vary depending on several factors including your credit score, location and loan amount. For more details, contact one of our loan experts.
*By refinancing an existing loan, the total finance charges may be higher over the life of the loan.