About Home Loan Refinancing
Refinancing can have big benefits
Lower your monthly payment
Most people who refinance do so to lower their monthly payment. If you have equity in your home, you might be able to refinance using the amount left to pay on your current mortgage. You could also lower your monthly payment by refinancing for a longer time frame.
Pay off your loan sooner
Shortening the term of the loan is another reason to refinance. This will allow you, in most cases, to pay your home off sooner and lower the amount of interest you pay over the life of the loan.
Get cash out
Refinancing for an amount greater than you currently owe on your existing loan, allows for the opportunity to take that extra cash out of the new loan. The extra cash can be used for things such as home remodeling or college tuition.