What are the benefits of refinancing?
Refinancing your mortgage could potentially be beneficial for your financial circumstances if you are interested in paying off high-interest-rate debt, shortening the length of your repayment term for your mortgage or reducing your monthly mortgage payment.
Should I refinance?
Determining whether to refinance your mortgage depends on your individual financial situation. It can make sense to refinance if mortgage rates are decreasing, your home has appreciated in value or if you have been making consistent, on-time payments on your original 30-year mortgage for less than ten years.
What fees are associated with refinancing a mortgage?
In addition to an application fee, you will generally need to pay the same expenses that were incurred with your original mortgage.
How long does it take to refinance?
Refinancing typically takes between two and four weeks. The length of time can depend on a number of factors like the appraisal and neighborhood comparables.
Can I refinance to take cash out of my house?
Yes, there are a variety of loan options that allow you to tap into your home's equity. Your Lender can help determine a solution for you.