We can you do everything from refinance your home to pay off an existing loan and replace it with a better one!
The opportunity to obtain a lower interest rate; the chance to shorten the term of your mortgage; to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home’s equity in order to finance a large purchase; and to consolidate debt.
Because refinancing can cost between 3% and 6% of the loan’s principal and requires appraisal, title search and application fees, we help determine whether refinancing is truly beneficial to our customers.
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Adjust the length of your mortgage
Increase the term of your mortgage: You may want a mortgage with a longer term to reduce the amount that you pay each month. However, this will also increase the length of time you will make mortgage payments and the total amount that you end up paying toward interest.
Decrease the term of your mortgage: Shorter-term mortgages–for example, a 15-year mortgage instead of a 30-year mortgage–generally have lower interest rates. Plus, you pay off your loan sooner, further reducing your total interest costs. The trade-off is that your monthly payments usually are higher because you are paying more of the principal each month.