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RefinanceWant to lower your current interest rate? Refinance is a way to convert to a fixed or ARM to consolidate debt.
Terms available for 15, 20 or 30 years.
Decrease Your Loan Term Decrease the length of your loan by lowering your monthly payments by paying less principal each month and more interest over the life of the loan.
Refinance when interest rates drop may help you recoup closing costs, as long as you remain in the home long enough.
Fixed-Rate Loan to Adjustable-Rate Loan by frequently lowering your payments with a shorter-term.
Adjustable-Rate Loan to Fixed-Rate Loan by increasing the loan term and enjoying lower monthly payments.
Eliminate private mortgage insurance (PMI) if you have enough equity in your home. You can lower your payments by refinancing and eliminating the monthly premium needed for PMI. You may also be able to do this without refinancing. Contact your lender for details.
Shorten your Loan Term
Paying more principal each month can potentially lower the overall cost of your loan over time by reducing the term of your mortgage or home equity loan. This allows you to pay off more principal each month and reduces the interest paid over time.
Frequent payments allows you to pay the amount of an extra payment each year. By making bi-weekly payments, the extra payment is applied towards reducing your principal. See if a bi-weekly payment is available on your loan type.
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