When you refinance you are applying for a new loan secured by your home (as collateral) in order to pay off an existing loan secured by your home. For example, you may have a loan at an interest rate that is higher than current rates, so if you were to refinance you would replace that old mortgage with a new mortgage at a lower interest rate.

  When Should You Refinance?

It usually makes sense to refinance your loan when you are able to lower your monthly payments in a meaningful way by replacing your old loan with one at more favorable terms.

What makes these terms 'favorable'? That depends entirely on you.

They are 'favorable' to you if your monthly payments are reduced in a way that positively impacts your life; if you are able to take 'cash out' to pay off high-interest debts such as credit cards or for home & life improvements; if you are able to significantly reduce the amount of interest you will be paying over the life of the loan, and so on.

There are other reasons why you may wish to refinance, of course.

You may be in a 2, 3, or 5 Year Adjustable Rate Mortgage or Balloon Loan with terms that 'change' or 'adjust' over time; these adjustments may negatively impact you if not corrected through refinancing.

So why refinance? Because the new terms may dramatically improve your life, reduce your payments and debts, protect your assets and provide peace of mind.

Fill out our Quick Application and find out if refinancing is right for you