Refinance a Home

Swap out an ARM for a fixed-rate mortgage

If you currently have an adjustable-rate mortgage (ARM), you may have seen your loan payments fall and rise. Are you ready for a stable monthly payment, something you can prepare for? You could refinance to a new, fixed rate, if you qualify.

Change your loan term

Life changes as the years go by. Maybe you agreed to a 30-year loan term before you got a new job and a jump in income. Or perhaps you wanted a 15-year loan term back when you lived in a two-income household, but now you’re not sure if you can make your payments. Talk to your loan officer about whether changing your loan term has benefits.

Cash out equity

After months or years of payments, you may not realize how much equity you now have in your home. (The average homeowner gained $64,000 in equity during the first quarter of 2022, according to CoreLogic’s Homeowner Equity Insights.*) Your loan officer can tell you when it makes sense to pull that valuable equity from your home and convert it into cash – i.e. if you want to renovate, pay for education or other large expenses, or pay off debt.

Scrub down your interest rate

If rates are trending down, you could lock a lower rate than when you first closed on your home loan. Reducing your rate could save more money over the life of your loan. Having a rate that’s a percentage point lower, for example, might shave several hundred dollars a month on your mortgage. Just remember: The potential savings need to offset the other fees associated with a mortgage refinance, such as closing costs.