Lower Your Monthly Payment
Lowering your monthly mortgage payment by refinancing to a lower rate or extending your loan term can make it easier to pay your mortgage on time every month while also possibly covering your other debts and expenses. And if you’re concerned about your ability to make your current mortgage payment in the future, lowering your monthly payment now can help relieve that pressure.
Take Cash Out to Pay Off Debt or Make Home Improvements
A Cash-out refinance allows you to pay off your current mortgage and take more money as cash out. Your new mortgage can have different terms than your original loan (meaning you may have a different loan program or a lower interest rate as well as a longer or shorter time period for paying off your loan). In some cases, your new loan can have a lower monthly payment than you are currently paying. Even if your new payment is higher, other benefits, such as, paying off high interest debt or making home improvements might apply. Talk to one of our loan specialists to determine if a refinance is right for you
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