Time to Refinance? | Town & Country Credit Union

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Town & Country Credit Union

Town & Country Credit Union

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Time to Refinance?

You’ve spent a few years in your home and hear the term refinance tossed around more often as the days go by. So, you start to wonder – should I refinance my mortgage? Here’s some things to consider.

Refinancing is the process of replacing your existing mortgage with a new loan. Most often, people refinance their mortgage to:

  • Reduce their monthly payment
  • Lower their interest rate
  • Shorten their mortgage term
  • Switch from an adjustable rate to a fixed rate
  • Cash out of some of their home’s equity to pay off debt or fund home renovation projects

Refinancing your current mortgage is very similar to the process you went through to secure your home loan. You’ll need to fill out an application, gather necessary financial documents and work with a mortgage lender to obtain new financing. Refinancing does come with closing costs similar to when you purchased your home, however, most of the time these costs can be included in your financing.

While there are refinancing calculators available to help you determine if refinancing is best for you, we recommend meeting with a local lender. They’ll analyze your unique situation and help you determine whether or not a refinance would benefit you in the long run based on the current market.

To schedule a free consultation with a mortgage lender near you, click here!