Refinance

Is now the time to refinance?

Each homeowner is unique — and we'll help you determine if it's the right time for you to refinance. Effective refinancing typically means lowering your current mortgage loan rate by at least one percent. You might also want to consider changing the length of your loan or receiving cash from the equity in your house.

Is refinancing the best choice for my financial goals?

If you want to increase cash flow, refinancing to lower your monthly payment could help.

Can I reduce my monthly payment if I refinance?

Quite possibly. To get a good idea of what your new monthly payment would be, use our mortgage calculator.

Can I shorten the loan term if I refinance?

Yes, as long as you qualify. For instance, you may be able to reduce your mortgage loan term from 30 years to 15 years.

Can I refinance and use the cash for an addition to my home?

Absolutely. Many people borrow against the equity in their homes to make improvements.

How much of my home equity can I use?

Up to 90 percent of the appraised value of your home can be used to make home improvements. The equity you can use is based on the value of the home and what you currently owe, subject to applicable state laws.

Can I still refinance even if I don't have much equity?

Yes, up to 90 percent loan-to-value (LTV) if you want to refinance your house for a new rate and term. A reappraisal of your property may be required.

What will it cost me to refinance?

You will have closing costs associated with refinancing your loan, including points and processing fees. You may have the option of rolling these costs into the loan amount to reduce your cash out of pocket.