Deciding to refinance your home loan is a personal decision and really is dependent on your personal goals. Before you go through the process, we recommend talking to a loan officer on our team to discuss what your goals and reasons to refinance are and how that fits with the current market. We can help you determine if refinancing your home loan makes sense.
Refinancing your home loan allows you to replace your existing home loan with a new home loan that has better terms, while allowing you to get cash back from equity you have built in your home already. Refinancing your current home loan allows you to improve your current interest rate and terms, as well as allow you a chance to change the type of loan you are in. This could even allow you to increase your loan payoff timeline.