Refinancing when rates are lower and can help save money from a previous loan.
Rate-and-term refinancing to save money. Typically, you refinance your remaining balance for a lower interest rate and a term you can afford. Cash-out refinancing, in which you take out a new mortgage for more than you owed.
Whatever the reasons you are thinking of joining the wave of people refinancing their existing mortgages, there are many factors to consider. Talk to a loan officer who can help you evaluate whether refinancing for any of these reasons might make sense for your specific situation:
Reasons to Refinance:
Interest Rate Reductions
Shortening the Term of the Loan
Converting Between ARMs and Fixed-Rate Loans