When should I refinance?

There are several great reasons to refinance, but ultimately, it depends upon your individual needs. Here are a few of the options available:

1) It's generally a good time to refinance when mortgage rates are lower than your current rate.   Lowering your monthly payment and paying less over the life of the loan will save you a substantial amount of money over time. You may also want to consider lowering your loan term down to a 20 or 15-year loan in order to have access to lower interest rates, pay the loan of quicker, and have maximum interest savings over the loan term. Alternately, you may want to increase your loan term to a 30-year fixed which would lower your monthly payment if you have had or anticipate a decrease in your income.  

2) Our goal is to help our customers save money. Another way to do this is by utilizing the equity in your home to take cash-out and pay off debt. This can include credit cards, student loans, 2nd mortgages, tax liabilities, etc.. Doing so will lower your monthly outgo and improve your budget.

3) Often, customers have other needs to take cash-out, including home improvements, education costs, or medical costs.  

Knowing your needs is the first step! We are here to help you get there and show you other options along the way.   

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