RATE AND TERM REFINANCING

Rate and term refinancing involves changing the interest rate, term, or both of a current mortgage while maintaining the principal balance. An interest rate drop results in a reduction of the interest portion of your monthly payment and, depending on the term selected, would likely decrease your monthly payment.          

Cash-out refinancing            

Cash-out refinancing replaces a current loan with a new, larger loan. This allows you to keep part of your home’s equity as cash to fund home renovations, consolidate debt, pay for college tuition, or cover a financial emergency.

- Lower your monthly payment and increase your cash flow
- Tap into equity and get cash for home upgrades and repairs
- Consolidate debt like high-interest credit cards
- Pay for college tuition without taking out student loans
- Eliminate private mortgage insurance

- Shorten loan term and pay off your mortgage sooner while saving on interest
- Convert to a fixed-rated loan for a predictable payment amount
- Invest in real estate or other business opportunities