Refinancing your mortgage can have big benefits
We know your financial picture can change over time, and the loan you received when you first bought your home may need to change to better align with your current plans and finances. Whether you want to reduce your loan term, lower your interest rate, or access equity from your home, refinancing can be a smart way to help you meet your goals.
When you refinance, you replace your current mortgage with a new loan. Your new mortgage will have a different rate (adjustable or fixed-rate options are available), monthly payment, and overall term (choose from 10,15, 20 or 30 years). There are several reasons you may want to refinance, but here are some of the most common:
- Reduce your rate or monthly payment
- Save on interest over time
- Switch to a different loan term to meet short or long-term goals
- Pay off your loan faster
- Take cash out from your home’s equity