Most people choose to refinance when the current available interest rates are lower than what they are paying on their existing mortgage. By refinancing they can pay off the balance of the old mortgage and get a new one with lower monthly payments. Or you can do a so-called “cash out” refinance in order to pay off the old loan and walk away with extra money in your pocket that can be spent on such things as home improvements.

If interest rates appear to be going lower, you may want to refinance from a fixed rate mortgage into an adjustable rate mortgage (ARM) to help capture those lower rates. If you already have an ARM with a rate that is about to adjust higher, on the other hand, you can refinance out of it and into a more reliable and predictable fixed-rate mortgage.

There are also other reasons to refinance. Many homeowners refinance in order to pay off home equity loans and consolidate their finances while also saving money in the long run. Some people need to refinance following a divorce, for example, in order to legally remove a spouse from the mortgage paperwork. Whatever your refinance needs may be, we can help.