What Are The Benefits Of Refinancing?
Refinancing can be a great way to make your home more budget-friendly! It can help you combine your debts into one easy payment or even give you some extra cash for those important moments in life.
Lower Monthly Payments
Consolidate High-Interest Debts
Free Up Cash
Calculate Your New Payment
Adjust the sliders to the interactive loan calculator and see how different factors affect your payments
What Is Mortgage Refinancing?
When you refinance, you’re essentially swapping out your current mortgage for a new one. Many homeowners choose to refinance to take advantage of lower interest rates, adjust the length of their loan, or tap into the equity they’ve built up in their home. It's a great way to make your mortgage work better for you!
​
There are a few different types of refinancing:
-
Rate-and-term refinance. You change your interest rate or loan term without borrowing equity.
​
-
Cash-out refinance. You get a new, bigger mortgage based on your home’s current market value, pay off your existing loan and keep the difference in cash. You repay what you borrow as part of your new mortgage.
​
-
Streamline refinance. This is a simple way to refinance an FHA loan to reduce your interest rate or switch from an adjustable-rate mortgage to a fixed-rate loan.
​
-
No-closing-cost refinance. Your new mortgage’s closing costs are added to the loan amount, allowing you to refinance with no money upfront.
