Refinancing a Home Mortgage
To refinance or not to refinance? That’s the question. Take a minute to review how a refinance can benefit you and then we'd love to connect and help you determine the best answer for your needs with our mortgage refinancing solutions.
Why should you refinance?
1. Using Equity in Your Home
You may be able to free up cash as part of the home refinance process, provided you have enough equity in your home; this process operates much like a home equity loan. This can make good financial sense, because mortgage interest may be tax-deductible. The best part is that in times of declining mortgage rates, you may be able to keep your monthly mortgage payment the same as before you refinanced, even though you have borrowed some cash.
2. Save Money on Loan Interest
Anyone who has ever gotten a mortgage loan will probably agree that one of the most nerve-wracking experiences in their life was watching mortgage interest rates ebb and flow as they gambled on when to lock in a rate on their loan. If the current interest rate is below the rate you’re paying on your mortgage, there may be an opportunity to save money.
3. Change Your Loan Terms
A third reason to refinance is to get into another type of loan, for example, when a balloon mortgage comes due. Or you may simply want to pay off your mortgage earlier than you originally thought. Extending or shortening your loan terms may make sense financially while also adjusting your payments to better fit your budget.
First@Home Refinancing Solution
The First@Home refinance solution is designed to help homeowners ensure that they have the best rate and term for their mortgage.
- Available for refinancing your rate, the term of your loan or a cash out
- Borrow up to 99% of the value of your home
- No mortgage insurance required
- Applicants receive free homeownership counseling classes prior to loan closing
- Must be the applicant’s primary residence
- Home refinance online
We'd love to connect and help you determine the best solution for your refinancing needs. We are happy to provide Ohio & Pennsylvania bank mortgage refinancing and help you with mortgage refinances near you.