Just like that favorite pair of jeans may not fit like they used to, your mortgage may not meet your needs today. That’s why it never hurts to explore the idea of refinancing.
There are many benefits including:
- Lowering your interest rate and monthly payments
- If you’ve built up enough equity avoid paying private mortgage insurance (PMI) by refinancing and lower your payment.*
- Reducing the term on your loan to save on interest over the life of the loan and pay your home off sooner.
- Refinancing from an adjustable-rate loan to a fixed-rate loan and enjoy peace of mind that your rate will not increase in the future.
- Potentially tap into your home equity and use the cash for home improvements or repairs, large purchases, or debt consolidation.**
*Not applicable with all loan products.
**Consult your financial advisor on the consolidation of short-term debt into long-term debt.