Choose from short or long terms, fixed or adjustable rates, cash-out or jumbo loans, and more. No matter what you're looking for, we have a refinancing option that will work for you.
When interest rates are low, refinancing becomes a popular option for many homeowners. Why? Because it's an opportunity to improve your financial situation by lowering your monthly payment, shortening your loan term or turning equity into cash. Watch this quick video for more insight.
When you refinance, you get a new loan to pay off your current loan. Why? The reasons include getting a lower interest rate, switching from an adjustable rate (ARM) to a stable fixed rate loan, converting equity to cash, or getting a shorter term. In other words, you get a better loan.
Have you had a change, or expect a change, in your personal or financial situation? Have home values gone up? Have interest rates gone down? There are many reasons to refinance, but the best reason is creating lower monthly payments, or significant savings over the life of the loan. And sometimes both.
How long do you plan to stay in the home? Do you want to save money over time, or need access to cash now? How you refinance will depend on the reasons why you refinance.
Cash-out refinancing is an option that allows you to receive part of your home's equity in the form of cash at the same time you refinance your loan. Your new loan will be larger than your current loan, and you can use the money however you want, from paying off high-interest credit cards to affording a college education.