Mortgage Refinance

Could you get better terms?

Refinancing may lower your monthly payment, improve your rate, or give you some extra cash

father and baby using a laptop

Why refinance your mortgage?

Especially if the value of your home has increased or rates have decreased, refinancing your mortgage can allow you to:

  • Lower your monthly payment.
  • Shorten the length of your loan.
  • Change the type of loan from adjustable-rate or balloon mortgage to a loan with more predictable payments.
  • Borrow cash from your home equity for expenses like college tuition, home renovations, or debt consolidation.

How it works

1

Review your goals and credit

Decide what you want to get out of refinancing, and check your credit score.
2

Get in touch with us

Call our experts at 800-737-3033 to discuss your situation, or start your application online.

Apply Now

3

Consider your options

Review your choices to make sure you understand the terms, fees, and closing costs.
4

Close the loan

Ask any questions about your new loan and make your final decision.

Mortgage Refinance FAQs

Many people refinance because they want to lower their interest rate, pay their mortgage off faster, or take some cash out of their home equity. In most cases, it’s best to refinance when you can improve your overall mortgage terms. For more information about making this important decision, take a look at our article about when to refinance.

If you want to talk through your options with one of our Mortgage Originators, you can always give us a call at 800-737-3033.

In some cases, you can borrow cash from your home equity when you refinance. With a cash-out refinance, you replace your old mortgage with a new one for a larger amount. Most of that money pays off your old loan, but the excess comes to you as cash.

Many borrowers use that extra cash to make home improvements, pay for their children’s education, or consolidate and pay off other debts.

Yes, you will need a home appraisal to refinance your mortgage with us. An appraisal helps us determine your home’s fair market value, so we know that your loan is secured for the full amount you’re borrowing.

Keep in mind that if you’re in the middle of a remodel, you may have to wait until the improvements are finished before your house can be approved for refinancing.

We recommend that you talk with your tax advisor before making any decisions. Typically, interest paid on a home mortgage refinance may be tax deductible.

Your credit score affects the interest rate you qualify for when you apply for a loan or line of credit. With a higher credit score, you can usually qualify for a lower interest rate, which lowers your monthly payment and reduces the overall cost of borrowing.

If you’re not sure what your credit score is, you can request a free copy of your credit score every 12 months from https://www.freecreditreport.com/. If your credit score isn’t as high as you’d like it to be, here are some tips for improving your credit.

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