REFINANCE

Refinancing a Home

 

If you already have a home you love, but are looking to refinance, we can meet your needs. We offer several refinance options, including a simple change in rate or term or a cash-out refinance that can provide you with funds to consolidate debt or make home improvements.

 

Fixed Rate Mortgage

This traditional loan type have a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

 

Adjustable Rate Mortgage

These increasingly popular ARMs can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans.