A mortgage refinance could help you lower your monthly payments, pay off your home sooner, or get a lump sum of money to use for something else.
Contact one of our lenders to find out if a refinancing your home loan is right for you, or use our simplified online application form to get started.
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What is refinancing?
Refinancing your mortgage basically means that you're swapping out your old home loan for a new one. There are two main types of mortgage refinances:
Rate and term refinancing
This means changing your loan to get a lower interest rate, shorter term or smaller monthly payments on your loan.
Cash out refinancing
This means getting a lump sum of cash from the Bank to pay for something else (like a home renovation project). In exchange, your mortgage will become more expensive.
Should I refinance my mortgage?
There are typically five reasons you would want to refinance your mortgage:
- To reduce your monthly payment.
- To get a lower interest rate.
- To pay off your home loan faster.
- To receive some needed cash.
- To switch to a different Bank or mortgage lender.
When it comes time to refinancing, it’s important you do your research first before making such a huge decision.
READ: Thinking About a Refinance? 5 Questions to Ask Yourself »
Mortgage refinance rates
Interest rates for mortgages change by the day — and sometimes even by the hour! To learn more about our current home refinance rates, contact a lender today or fill out our online application form:
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