Home Refinance
A Fresh Start for Your Mortgage
Why Refinance?
Refinance your current mortgage with a home loan tailored to fit your needs. The most common reasons to refinance a home loan are:
- Reduce monthly payments
- Get a lower interest rate
- Change the length of the loan term
- Restructure the loan type, like removing the PMI option
- Cash out the value of the home’s equity
Compare Our Rates
We offer mortgages from 10 to 30 years at competitive fixed rates. Talk to a loan officer to choose the right term for you.
Before You Begin
Before you submit an application, it’s a good idea to review your goals and financial information.
Set a Budget
First, decide why you want to refinance and what you hope to get out of the process. You may want a better rate, a lower payment, or to take advantage of your equity.
Know Your Credit Score
Check your credit score to get a better idea of how you appear to lenders. The higher your score, the more competitive your rates may be.
Know Your Debt-to-Income Ratio
How much you earn each month – how much you owe = your debt-to-income ratio. Your debt-to-income ratio is one of the key factors lenders check when you apply to refinance. The goal is to have the ratio as low as possible.
Find Out Your Equity
The value of your home – the amount you owe your current lender = your equity. Many lenders recommend you review your home’s equity with a qualified realtor before you begin. Most homes grow in value over time. This value may be available to you in the form of a loan.
What You Need to Apply
To make the application process smoother, be sure to gather the necessary documents and information first.
- Two forms of ID (including photo ID)
- Two-year work history
- Recent pay stubs and tax returns
- Bank statements
- Homeowner’s insurance info
- Current mortgage statement
- Property legal description
- Sales contract (if applicable)
- Other income documentation (if applicable)
Home Refinance FAQs
Can’t find your question about home refinance?
Contact Us
You may decide to refinance your home loan to lower your interest rate, reduce your monthly payment, pay off your loan faster, or take cash out for renovations, debt consolidation, and other expenses.
Whether or not it’s right to refinance depends on your interest rate, home value, credit score, and how long you plan to stay in your home. Our knowledgeable Real Estate Loan Officers are here to help.
You may see an initial small dip in your credit score as lenders perform a credit inquiry. This is typically temporary. Over time, it may improve your credit score to refinance your home.
If you need more information on your home loan, mail a written request to our payment mailing address. In your letter, please provide your full name and account number and the information you need.
If you find an error on your home loan statement, please mail a written request to our payment mailing address. In your letter, please provide your full name and account number, the amount of the suspected error if applicable, and a description of the error. You will receive a written response within 5 business days.