Refi Options

As with all loans, there are many refinance options available to you – too many to address here. In fact, the first question should never be “What are my options?” Instead ask yourself, “What is my goal?”

Are you looking to pay off your home in less time or do you simply want a lower monthly payment? Maybe you want to tap into your home equity? Some borrowers refinance to help payoff high-interest credit card debts while others want to switch from a fixed-rate loan to an Adjustable-Rate Mortgage or vice versa. Ultimately, most homeowners elect to refinance for one of two reasons – either to reduce risk or to improve cash flow.

If you have a clearly defined goal and think refinancing can help you achieve it, talk to a mortgage professional. There are many considerations when refinancing, such as the costs involved. For example, if your current mortgage is a fixed-rate loan, it may carry an early payment penalty. Closing and transaction fees may also apply when you are refinancing debt. In some cases, where the potential for significant savings does not exist, refinancing can become a more costly proposition than keeping your current mortgage.

The decision to refinance is yours alone. Your mortgage professional will help you make informed choices along the way – beginning with whether or not to refinance and ending with the loan that best addresses your unique situation and goals.

Could refinancing save you interest? Use our calculator to help find out.