Thinking about refinancing your mortgage?
Your home is one of your most valuable financial assets. Refinancing could be a smart way to improve your financial situation, whether you’re looking to consolidate debt, access equity, or lower your monthly payments. Contact our Mortgage Servicing team to determine if refinancing is the right move for your goals.
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Reasons to refinance your mortgage.
Refinancing means replacing your current mortgage with a new one; often to adjust the interest rate, change the term, or access equity. It’s a way to realign your mortgage with your current financial needs.
Here’s why it might make sense for you:
Reduce your monthly mortgage payments.
Adjust your mortgage term.
You may choose to extend your term to lower your monthly payments or shorten it to pay off your mortgage faster and save on interest.
Secure a lower rate.
If you initially secured your mortgage during a higher-interest rate period, refinancing at a lower rate could help reduce your monthly payments and lower your overall borrowing costs.
Use your equity to consolidate your debt.
Simplify your payments.
Consolidating multiple debts into one mortgage payment can help you stay organized and reduce stress. This strategy can make sense if the new mortgage rate offsets any potential penalties for refinancing. Consult your mortgage documents and speak to an Account Manager to find out what prepayment penalties may apply.
Tackle your high-interest debts.
If you are carrying debt with higher interest rates (e.g., credit cards, personal loans), refinancing your mortgage can help you pay off that debt by using the equity in your home.
Use your equity for renovations.
Increase your home’s value.
Planning a kitchen renovation, a new bathroom, or improving your basement? Refinancing your home can give you access to extra funds, ideal for making home improvements that increase the value of your property.
Cover unexpected repairs.
Electrical issues? Leaky roof? Refinancing can also help manage urgent, costly repairs before they escalate into more significant problems.
FAQs
First-time buyer or seasoned homeowner, we’ll guide you every step of the way.
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