Refinance Loan
About this loan
A Refinance Loan enables homeowners to replace their existing mortgage with a new one, often to secure a lower interest rate, change the loan term, or access home equity. Refinancing options include rate-and-term refinancing, which focuses on lowering rates or adjusting the loan term, and cash-out refinancing, which allows homeowners to convert home equity into cash for renovations, debt consolidation, or other financial needs.
Why Choose This Loan?
Lower Interest Rates: Secure a lower rate, reducing your monthly payments and overall interest costs.
Change Loan Terms: Adjust your loan duration to fit your financial goals, either by shortening to pay off faster or extending to lower monthly payments.
Access Home Equity: Use cash-out refinancing to tap into your home’s equity for renovations, education, or other financial needs.
Ideal For: Homeowners seeking lower rates, better terms, or cash from their home equity.
Interest Rates:Varies based on the current market but typically starting at 5.15% APR.
Down Payment: N/A; equity required for cash-out refinances.