Refinance

Refinancing Your Mortgage Can Lead to Savings & Other Benefits

When you refinance your home mortgage, a new one replaces the existing one. With the new mortgage, you get the ability to customize aspects such as the loan term, the type of interest rate, as well as the amount you wish to borrow.

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Refinancing your existing mortgage may come with multiple benefits:

  • Lower your interest rate.
  • Reduce the term of your loan and possibly build equity faster.
  • Get greater financial flexibility by reducing your monthly payments.
  • Switch from an adjustable rate mortgage (ARM) to a fixed rate mortgage to potentially benefit from a lower interest rate.
  • Pay off high-interest debt from credit cards, personal loans, student loans, auto loans, home renovations, and more, or obtain additional cash in hand with a cash-out refinance.
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How Much Does Refinancing Cost?

While refinancing your existing home mortgage may lead to savings, making a switch will cost you some money. The cost of refinancing a home mortgage usually varies from 3% to 6% of the amount on your current loan balance. If you want to avoid out-of-pocket expenses, you have the option of potentially rolling the costs into the new loan.

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Whatever your refinancing needs are

our experts are here to guide you in the right direction.

First Time Homebuyer’s Guide

Considering homeownership but not sure where to begin? The Meadowbrook Financial Mortgage Bankers Corp. guide to home buying will make the process easy all in one packet.

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