Mortgage Refinance

When a homeowner refinances their loan it means they will be paying off an existing loan and replacing it with a brand new loan.  Here are some popular reasons homeowners refinance a loan:

  • To take advantage of lower interest rates to obtain a lower monthly payment.
  • To shorten the remaining term of their current loan by refinancing into a shorter term loan like a 10, 15 or 20 year fixed rate loan.
  • To convert from an ARM (adjustable rate mortgage) to a fixed-rate mortgage, or vice-versa.
  • To access equity in a home to: finance a large purchase, pay down or consolidate higher interest rate credit cards and consumer debt, or to finance a remodel or addition project on a home.