Refinancing Your Home
You’ve probably heard it often — another friend or neighbor has refinanced and is enjoying lower monthly mortgage payments. You may have read headlines that talk about mortgage interest rates reaching historical lows. So, you ask, is now the best time to refinance my mortgage?
Refinancing is essentially paying off your existing mortgage and taking out a new one. This section discusses the basics of refinancing, such as the reasons for refinancing and the steps involved. It also discusses your financing options. After you understand these basics, your Mortgage Provider can help you with more information or get the refinancing process started.
When does it make sense to refinance?
Refinancing can help you lower your monthly payments, withdraw cash via the equity in your home, or switch to a different loan program that better suits your needs. Being clear about your refinancing goals will help you choose the loan program that’s right for you. What are your goals for refinancing?