You may be able to lower your rate!

 

Know your rates and points!

When refinancing, getting a competitive rate is key and local servicing might be important to you as well.  There are many choices of lenders including online providers who highlight the speed of their process, but it's  important to consider:
  1.  What is the interest rate and APR?  
  2.  Does the lender charge points?  Points are a percentage of the loan amount (i.e. 1 point equals $1,000 on a $100,000 mortgage).
It pays to compare and to work with a lender you're comfortable with.
 

When is a good time to refinance?

When interest rates drop or your home value rises, it may be a good idea to refinance your loan.  Refinancing can help you lower your monthly payments, consolidate loans or high rate credit cards, or even provide cash back to you if you have enough equity in your home.  When you refinance your mortgage, you are replacing your current mortgage with a new one. This includes new terms, conditions and closing costs.
 

What to consider

If mortgage rates are falling or your home has appreciated in market value, you may want to look into refinancing your mortgage. In this situation, there are two ways to reduce your total borrowing costs over time:

  1. You can keep your current repayment term and lower your monthly payments.
  2. You can keep your monthly payments about the same and shorten your repayment term.
The refinancing process generally takes from 20 to 30 days. 
 

When does it make sense?

Refinancing can make sense in the early years of your mortgage term because your payments are primarily going toward interest in the beginning. In the later years of your mortgage, it can also make sense to refinance because you may have more equity in your home that can be used to consolidate debt, or make home improvements. Consider all of the costs associated with refinancing too. This will help guide your decision.

 

Ready to refinance your mortgage?

Get a loan with all the benefits of banking Local. Our local mortgage bankers can guide you through the process or you can apply online today. View our most popular rates and get a personalized rate quote.

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