Refinancing is often used to lower your interest rate.  If rates have dropped since you last financed your home, you may want to consider a refinance. Other common reasons to refinance include converting an adjustable rate loan to a fixed rate loan or paying off a balloon payment or to extract cash equity in your home (cash out).  A few reasons for getting cashing out include: home improvements, education and consolidating debt.

Another way to convert equity in your home to cash is a “home equity” loan. A “home equity” loan is an alternative to refinancing if your home loan has a very low rate compared to current interest rates or if you have a prepayment penalty on your loan.

Benefits of a Refinance

  • Reduce Your Interest Rate
  • Lower Monthly Payments
  • Cash Out for Home Improvements
  • Consolidate Debt   
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