LOAN PROGRAMS – Refinance
Is it Time to Refinance?
When interest rates drop, refinancing may be the right choice for your financial situation. Consider the following advantages of refinancing to a lower interest rate
Start Saving Money
- Your loan’s monthly payment will decrease with a lower interest rate.
- With a lower payment, you can use the extra funds for retirement savings, paying other debts, saving money for college, or other purposes.
- You can roll your taxes and insurance into your loan.
Switch To A Different Loan Type.
If you have an adjustable-rate (ARM) or a balloon mortgage, reduced interest rates may make a fixed-rate mortgage more desirable, especially if you want the stability of an interest rate that does not change over time.
Switch To A Shorter Term Loan.
If you have a long time left on your mortgage, lower interest rates may make it possible to switch to a shorter-term mortgage.
- Pay off your loan early
- You can pay the principal balance down and build equity faster.
- You may pay less interest over the life of the loan with a shorter term loan.
If you have a jumbo loan you may be able to refinance to a “blended jumbo” and save money right away!