There are a variety of reasons to refinance your mortgage - to access the equity in your home, reduce your monthly payments, or to get a better interest rate. You may even be able to avoid closing costs on your refinance.
Your home. Your terms.
Traditional and cash-out are two of the most common refinance types. If these options aren’t what you’re looking for, talk to your lender about additional opportunities. We’re here to help you find the option that best fits your needs.
Traditional vs. Cash Out
If your home value is steady or has increased, you may be able to refinance your mortgage with a traditional refinance loan. When you do that, you create options that can help you pay off your loan faster or save you money.
- Lower your monthly payments by taking advantage of lower interest rates.
- Change your loan terms to pay off your loan faster.
- Changing from an adjustable rate mortgage to a fixed rate mortgage, or vice versa, may save you money.
Access the equity in your home and get cash at closing with a Cash-Out Refinance. When you do that, your existing home mortgage and any property liens are paid off and replaced with a new mortgage. It’s an alternative to a home equity loan and includes closing costs comparable to your first mortgage.
- Get additional funds for things you need.
- Consolidate debt, such as high-interest credit card bills, into a single, lower-interest payment.