Refinancing is getting a new mortgage to replace the original. Often times things may have changed since your current mortgage and there may be different ways to improve your home loan.

What are some reasons someone would refinance?

• Save money- Lowering your interest rate is a common reason for refinancing. Reducing your interest rate not only helps you save money but it increases the rate at which you build equity in your home. Refinancing your home can also help you control debt.

• Changing loan types- If you have a variable rate loan, you may consider switching to a fixed rate loan if the interest loans are low.

• Shorten the loan term- You may consider refinancing to shorten the loan terms. That may mean you have a 30-year loan and want to refinance to a 15-year loan. That will increase your monthly payments but will pay the loan off faster and save money in the long run.
If you have any questions or would like to learn more about if refinancing is right for you, please contact us. We are here to help!