Insurance for Your Property
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Refinancing can be a great way to adjust your monthly mortgage payment in order to fit your current goals and needs. Depending on your specific circumstances, you may want either a smaller or larger monthly payment – especially if your income or plans have changed. A smaller payment will free up cash flow and increase your available funds each month, while a larger payment will speed up the rate which you pay off your mortgage. Either way, refinancing can help you meet a financial goal. Refinancing is the process of trading in an old mortgage for a new one. It's a two-step transaction in which the proceeds from a new loan are used to pay off the balance of the original loan. Often, fees for the new mortgage are rolled into the new loan amount, so there is little or no out-of-pocket cost to the borrower. We can help you decide whether refinancing is an option for you or not. First off, consider the following factors before deciding for a refinance program.
Consider refinancing if the following scenarios obtain:
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Rates have lowered significantly since securing your original loan |
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You want to have access to cash from the equity that has built up in your home since you bought it |
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You want to shorten your mortgage payment period |
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You want a fixed-rate mortgage instead of an adjustable rate, or vice versa |
On the contrary, do NOT consider refinancing for the following cases:
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Rates aren't significantly lower since you obtained your original loan |
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You've had your current mortgage for a long period of time |
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You've paid off most or all of the interest on your current mortgage |
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Your existing mortgage contains a prepayment penalty clause |
If you have any further questions concerning our refinancing programs, please contact us. Remember that we can help you decide the best financial solution depending on your particular case. |
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