A mortgage refinance replaces your existing home loan with a new mortgage and may help you accomplish a variety of financial goals. Depending on your situation and current market conditions, refinancing could potentially lower your interest rate or monthly payment, change your loan term, remove certain mortgage insurance, consolidate eligible debt, or allow you to access equity through a cash-out refinance.
Refinancing isn’t only about getting a lower rate. Homeowners may also refinance to move from an FHA loan to conventional financing, change from an adjustable-rate to a fixed-rate mortgage, shorten their loan term, or restructure their overall monthly obligations.
As a mortgage broker with access to more than 160 lending sources, I can compare refinance options from multiple lenders instead of limiting you to your current mortgage company or a single bank.
The right question isn’t simply, “Are rates lower?” It’s whether refinancing makes financial sense based on your current mortgage, equity, costs, payment, and future plans.
Let me review your current mortgage and compare your refinance options to see whether refinancing makes sense for you.