I want to reduce my monthly mortgage.
Reduce monthly mortgage
Refinancing is a great option for those who want to lower their mortgage payment and plan on living in their home for an extended period of time. Divide the cost of refinancing by the amount you will save on your monthly payment. This is the number of months it will take you to break even. If you plan on staying in your home longer than this amount of time, refinancing is a great option.
I want to reduce my rate.
Reduce my rate
Has your credit score improved since you applied for your current mortgage? If so, refinancing may enable you to get a better interest rate.
Are you at the end of you adjustment period? Refinancing may help you lower your interest rate when your introductory rate expires.
I want to take equity out of my home.
I want to …
Do you want to build equity? If you are not as concerned about lowering your monthly payment, you may want to refinance to a shorter-term mortgage. This will allow you to own your home quicker and pay less in interest!