First, a little background: When you closed on your home loan, you paid closing costs. What some people don’t realize is a refinance also involves closing costs. So – in almost all cases – refinancing a home loan is only a good idea when the amount you’ll save in interest over the life of the loan is greater than the closing costs you’ll pay up front.
After you’ve given the calculator a go and you’re ready to refinance, contact one of our loan officers for a complimentary consultation. They will be able to help you determine if options like a cash out refinance could be right for you... or if you might benefit from refinancing simply to lower your interest rate (and, as a result, your monthly mortgage payment amount) or reduce the life of your loan to a shorter term. In some cases, going from an adjustable rate mortgage to one with a fixed rate might also be in your favor. The possibilities really are endless!