Refinancing is simply taking out a new mortgage.

Refinancing is simply taking out a new mortgage. If you are considering refinancing your home loan, the first steps are determining your short and long term goals and then evaluating the different types of refinance programs available. Once you have your goals to what's available, you will be able to make an informed decision on how you want to proceed.

The first thing to consider is your current interest rate. If you purchased your home when interest rates were high or if you have an adjustable rate mortgage, chances are refinancing to a different- lower term may be able to save you money immediately and over the course of your loan. If you purchased or refinanced your home when interest rates were low, refinancing may not be the best thing to do. In the past, it was a general rule that refinancing makes good financial sense if your current interest rate is at least 2 percentage points higher than the current market rate and you plan on owning your home for at least 3 years. The 2 point difference in the interest rate was necessary in order to recoup refinance fees. Nowadays, it makes sense to consider refinancing with less fluctuation in the interest rate because it is possible to refinance and pay no fees or no points! You consider the length of time for which you will own your home because of the costs involved in refinancing.

Refinance Overview

Start saving on your monthly payments or use your equity to get cash out with the following home mortgage refinance products:

Refinance

Lower your interest rate and start saving on your monthly payments. Both 15 year fixed rate or 30 year fixed rate products are available.

ARM

Our Adjustable Rate Mortgage offers a low rate that is fixed for the first five years. This allows you to purchase ... get cash out of your home ... or refinance to lower your monthly payments at rates you thought you had missed. Rates may vary by State.

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