Should I Refinance?

Refinance Center step 1

It is important to know your goal of refinancing your home. There are several reasons why it may make sense for you to consider refinancing:

Approximate value of your home?
$
Approximate current loan balance?
$

Choose your primary goal:

Reason #1
Lower your monthly payments
If current rates are lower than when you purchased or last refinanced your home
OR
If your ARM has increase from your start rate you can possibly refinance to another ARM or fixed rate to lower your monthly payment.

Reason #2
Pay off your home faster
If you are on a 30 year program, you can refinance to a 15 year program with a larger percentage of your payment going toward principle vs. interest. On todays rates a 15 year fixed is only about 25-30% higher in payment than a 30 year mortgage.

Reason #3
Consolidate your debt
If you have equity in your home and other debt, you may want to roll this all into one payment. While your new mortgage payment may be higher, your combined payments may be significantly lower due to a longer payback period and/or a lower interest rate. In addition, the interest on this entire debt may be tax deductible.

You can pull cash out up to 75% of the value of your home.
NOT AVAILABLE IN TEXAS.

Please fill in the debt you wish to consolidate, keep in mind that you will only have the difference between 75% of your property value (maximum allowed cash-out refinance) and your current loan balance.

Monthly Payment: Balance:
Monthly Payment: Balance:
Monthly Payment: Balance:
Monthly Payment: Balance:
Monthly Payment: Balance:

$0.00

Reason #4
Get cash out for major purchases.
If you have enough equity in your home, you can get cash out for any major purchase or other reason. You can pull cash out up to 75% of the value of your home. NOT AVAILABLE IN TEXAS.

Amount wanted to pull out:

Reason #5
Lock in a fixed rate from an adjustable rate.
If you currently have an adjustable rate mortgage there are a couple of reasons you may want to lock in a fixed rate loan.
1) You feel interest rates are going up.
2) You want to lock in a certain, fixed mortgage payment, eliminating future uncertainty.