Refinancing replaces your existing mortgage with a new loan. The goal isn’t always simply to get a lower interest rate.. refinancing can be used to restructure your mortgage around your current financial needs and long-term goals.

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Reasons to refinance may include:

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• Lower your interest rate or monthly payment when market conditions make it beneficial.

• Change your loan term to shorten the payoff period or create a more manageable monthly payment.

• Remove mortgage insurance when sufficient equity and program requirements allow.

• Consolidate higher-interest debt into your mortgage when the numbers make sense.

• Access home equity through a cash-out refinance for renovations, investments, major expenses, or other needs.

• Change loan programs, such as moving from an adjustable-rate mortgage to a fixed-rate loan or from an FHA loan to conventional financing.

A refinance should be evaluated based on more than the new interest rate. Closing costs, your current mortgage balance and rate, how long you plan to keep the property, and the monthly savings or other financial benefit all matter.

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Sometimes refinancing the entire first mortgage isn’t the best way to access equity—especially if you already have a favorable first-mortgage rate. In those situations, we can also compare a home equity loan or HELOC that may allow you to keep your existing mortgage in place.

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Our team looks at the complete picture and compares the available options so you can determine whether refinancing or another home equity strategy, actually makes financial sense.