Homeowners typically refinance their mortgage to either reduce their monthly payments or to reduce their interest expense. Refinancing to a lower rate or to a longer term will reduce your monthly payment and provide breathing room in your budget. Or, if your current monthly payment fits your budget, refinancing may allow you to reduce the term of the loan and save thousands of dollars in interest. 

Many factors go into the decision to approve a mortgage loan and although you currently have a mortgage, things may have changed that would impact the approval process. The price of homes in your neighborhood, the current condition of your home, a job change which may have impacted your monthly income and your other debt are all things that can change over time. Therefore, the refinancing process is very similar to obtaining your first mortgage requiring an updated appraisal, proof of income and verification of your credit score.

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All loans are subject to credit approval.