When you signed the papers for your first mortgage, there's a good chance that you imagined yourself paying off the same loan for the entire term. In some cases, that is the best strategy for your long-term financial health.
Other times, however, it may make sense to take out an entirely new loan with a new rate. This method, called a mortgage refinance, means your new loan would be used to pay off your first loan entirely. When you refinance, you benefit from the updated terms and leave your old loan behind.
There are many reasons to consider a refinance, and the chance to get into a loan with a lower rate is one of the most popular. You may also be able to shorten your loan term to save on interest or make changes that free up more cash in your monthly budget.
If you're ready to talk about your options and see if a refinance makes sense for your family, get in touch with a Loan Officer today.