A strategic refinance can improve your financial health.
Lower your monthly payment, pay off your home sooner, or tap into your home's equity for a major project.
Our refinance solutions are designed to put your home's value to work for you.
Mortgage Refinance
This is the most common type of refinance, allowing you to replace your current mortgage with a new one that has a lower interest rate, a different loan term, or both.
Who it's for:
Homeowners who want to take advantage of lower market rates or switch from a 30-year to a 15-year mortgage to build equity faster.
Key benefits:
- Lower Monthly Payments: Reduce your interest rate to keep more money in your pocket each month.
- Shorten Your Term: Pay off your home years earlier by switching to a shorter loan duration.
- Switch Loan Types: Move from an Adjustable-Rate Mortgage (ARM) to a stable Fixed-Rate loan.
Cash-Out Refinance
A cash-out refinance replaces your existing mortgage with a larger loan, allowing you to take the difference between the two loans in a lump sum of cash.
Who it's for:
Homeowners with significant equity who need a large sum of money for high-impact goals like home improvements or debt consolidation.
Key benefits:
- High Loan Limits: Access a large amount of cash based on your home’s current market value.
- Debt Consolidation: Use the funds to pay off high-interest credit cards or personal loans at a much lower mortgage rate.
- Tax Advantages: In many cases, the interest on a mortgage refinance used for home improvements may be tax-deductible (consult a tax advisor).
Home Equity Line Of Credit (HELOC)
Unlike a refinance that replaces your first mortgage, a HELOC is a "second mortgage" that works like a credit card tied to your home's equity—you only borrow what you need, when you need it.
Who it's for:
Homeowners who want to keep their current low-interest first mortgage but need ongoing access to funds for repairs, tuition, or emergencies.
Key benefits:
- Interest-Only Options: Pay only on the amount you actually spend, not the full credit limit.
- Keep Your First Rate: There is no need to touch your primary mortgage if you already have a great interest rate.
- Reusable Funds: As you pay down the balance, the credit becomes available to use again during the "draw period."
Not sure if you should replace your current mortgage or just add a line of credit?
Every financial situation is unique.
Contact a Refinance Advisor to run the numbers and see which strategy saves you the most money in the long run.
