Refinancing Can Save You Money

When you refinance your home, you replace your current mortgage with a new loan that has more favorable terms. You can lower your monthly payments if current interest rates are below the rate on your mortgage, or you may be looking to take advantage of better rate and term.

When you refinance, you can choose to borrow just enough to pay off the mortgage balance you owe. If you have enough equity in your home, you may be able to borrow an additional amount through a “cash out” refinance. You can then use that cash out to pay off other debts, such as an auto loan, credit card balances, or remodeling your home, or other purposes.

But be sure to consider all the costs of refinancing, including closing costs, application costs and loss of tax deductible mortgage interest.

Refinancing can help you reach your financial goals by lowering your monthly payment, consolidating your consumer debt and combining monthly payments.

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