REFINANCING

Use our Refinance Mortgage Calculator to see if this may be a good option for you!

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WHAT DOES IT MEAN TO REFINANCE?

Refinancing your mortgage is a common practice used to lower monthly payments, interest rates, lower your DTI and more.

When you refinance your property, there is no change of ownership; it is only a change to the mortgage.

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SHOULD I REFINANCE IF I PLAN ON MOVING SOON?

Most lenders charge fees to refinance a loan. So, if you plan to only stay in the property for a couple of years, your monthly savings may not accumulate to recoup these costs.

Some lenders will charge a slightly higher than average interest rate on refinance loans, but will waive all costs associated with the loan. This will depend on the interest rate on your current loan.

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WHEN SHOULD I REFINANCE?

It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. 

Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.

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HOW MUCH WILL REFINANCING COST?

As a mortgage broker, we do not charge an application fee that a direct lender might. In most cases, the cost to refinance will be less than fees paid when you originally purchased the home.