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Is It Time To Refinance?

Homeowners often refinance an existing mortgage to obtain a lower interest rate. While a lower rate can help you obtain a lower monthly payment, there are other reasons to consider refinancing, as well.

Here are a few possible benefits of refinancing:


Lower your rate — Get a lower interest rate to obtain a lower monthly payment.


Switch to a fixed rate loan — Change from an adjustable rate mortgage (ARM) to a predictable fixed rate mortgage.


Reduce your loan's term — Shorten the term of your loan to pay off your loan more quickly.


Cash out — Use equity in your home to take cash out for home improvement projects.


Remove mortgage insurance — A new loan program may not require monthly mortgage insurance.

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