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Refinancing Your Home

Refinancing your home can be a smart financial choice. If interest rates are lower or you have a current financial need, it may be a great time for you to refinance.

Benefits of Refinancing

Depending on your circumstances, refinancing can change your monthly payment along with a number of other benefits:

  • Lower interest expense. You can reduce your interest cost over the life of the mortgage by taking advantage of lower rates and/or shortening the term of your loan.
  • Lower monthly payment. A lower interest rate or a longer term mortgage can lower your payments.
  • Debt consolidation. If you have a stressful debt load, refinancing could help you consolidate higher interest rate loans into one monthly payment with less interest.
  • Increase equity faster. Refinancing can shorten your repayment period, increasing the equity in your home faster.
  • Home improvement. You can use the equity in your home to receive extra cash for home improvement projects.

When should I refinance?

Is refinancing a possibility for you? Ask yourself a few questions to see if it might pay off:

  • What is my interest rate? Are current rates lower?
  • How long do I plan to stay in this house?
  • Will the savings of a lower interest rate or shorter term outweigh closing costs?
  • Do I have debt that could be consolidated at a lower rate?

Contact us to see if refinancing could be beneficial for you.