Why Refinance?

Reasons to Refinance

Many factors go into the decision to refinance including current interest rates and the amount of time you plan to stay in your home.

Prime reasons to refinance:

• Lower interest rate
• Shorter term: go from a 30–year to a 15–, 20– or 25–year term
• Reduce housing expenses by combining first and second mortgages
• Free-up equity to pay-off higher interest rate credit cards or auto loans.
• Withdraw equity for home improvements
• Remove mortgage insurance

Cost of Refinancing

While the fees may vary, all mortgage lenders charge fees to originate loans. When you refinance your home, you will pay many of the same fees you paid when you first bought it.

Consider how long you plan to stay in the home and how much equity is in your home to make sure paying those upfront costs make sense. Please note: Even if you select a "no–cost" loan, you are still paying closing costs—they may just be rolled into the loan amount or are paid with a higher than market interest rate!

Learn more about fees

Hometown Home Loan customers are eligible for substantial savings on closing costs.  Learn more about your Hometown Benefits.