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Home Financing Library

Refinance

Build Home Equity Faster

Many borrowers use a refinance to shorten the term of the mortgage.

Get Your Hands on Some Cash

Another way to make a refinance work is for you is to refinance for more than the balance remaining on your old mortgage. In a low rate environment, you may be able to tap into your equity without increasing your monthly payment.

Trade Your ARM for a Fixed Rate

By switching to a fixed rate loan, it is possible to reduce your payment and lock in at an attractive rate for as long as you own your home.

Mortgage Refinance Costs

When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you may pay some of the same costs you paid to get your original mortgage.

Analyze Your Savings

Check the market closely to determine the available rates and the costs associated with refinancing. These costs can include items such as an appraisal and other various fees and points.

Consider Other Mortgage Programs

If you are thinking about refinancing your mortgage, you might want to consider other types of mortgages. For example, you might want to look into a 15-year fixed rate mortgage.

Refinance Considerations

Considerations you should look at when deciding to refinance.