Review your current mortgage
Refinancing replaces an existing mortgage with a new loan. It may change your interest rate, payment, loan term, or loan type, depending on your qualifications and available products. Savings are not guaranteed.
Compare the full cost
Consider closing costs, fees, the new loan balance and term, and how long you expect to keep the loan. A lower monthly payment may result from extending repayment and may increase total interest. Review the time it may take for savings to offset refinancing costs.
Cash-out refinancing
An eligible borrower may access equity through a cash-out refinance. This increases borrowing against the home and may increase the loan balance or total cost. Using proceeds to pay other debts does not eliminate debt; it transfers debt into a loan secured by your home.
Discuss your options
A Loan Officer can explain product availability, eligibility, and costs for your situation. Find your Loan Officer.