Refinancing can improve your financial situation by either lowering your monthly payments or shortening the length of your loan.
Changing the terms of your loan by reducing your current interest rate or moving from an adjustable rate mortgage to a fixed rate mortgage can maximize your monthly income by putting more money in your pocket to save, invest or use for other expenses.
If you can afford a higher payment, you can save money in the long run by reducing the total amount of interest you pay for your loan by refinancing from a 30-year loan to a 15-year loan. You can achieve similar savings by making additional principal payments to your existing loan. This option requires more self-discipline and is often harder to stick with than refinancing to a shorter-term loan.
Contact one of our Loan Originators to see if Refinancing is right for you!