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There are many different reasons a homeowner might choose to refinance their original loan. As you determine what is right for your situation, it’s important to have a clear goal in mind of what you wish to accomplish.

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Common Reasons to Refinance

Eliminate Mortgage Insurance

If your home’s value has increased enough to where your loan balance isn’t more than 80 percent of the current value, a refinance might be an option.

Pay Loan Off Sooner

In a situation where you can afford a larger monthly payment, refinancing into a shorter term will result in your loan being paid off faster. Imagine the joy of being debt free. Another benefit is that shorter term loans have lower interest rates.

Free Up Cash

If you owe less on your home than it is worth, you might consider leveraging that equity to free up cash for home renovations, debt payoff, educational expenses etc. Interest rates for borrowing against home equity are typically less than credit card rates and might be a better option.

Lower the Interest Rate

If lowering your monthly payment is the goal, an option might be to refinance into a lower interest rate. Not only does this result in paying less interest over the life of the loan, but your monthly payment will also reflect the savings.

Switching from an Adjustable Rate to a Fixed Rate

If your current loan has an adjustable rate, refinancing into a fixed rate loan will provide the stability and security of a fixed rate over the life of the loan, and it may even lower your rate and payment.

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