The majority of mortgage loan applications over the past several years have been for refinancing due to historically low interest rates. That continues today. People refinance for a variety of reasons including changing from an adjustable-rate to a fixed-rate mortgage, shortening or lengthening the term of the loan, home renovations, getting a loan with better terms and debt consolidation.

While refinancing could make a significant difference in the amount you pay each month, there are other costs you should consider (such as finance charges over the life of the loan). Refinancing a mortgage is similar to when you applied for your loan initially. You must have a relatively good credit score, pay closing costs and fees, and may even have a cursory home inspection.

If you are considering refinancing we recommend you contact us and we’ll design a Custom Loan Strategy video for you. We find that our clients gain a much clearer understanding of what refinance strategy would potentially be in their best interest when they can see a side-by-side comparison next to their current mortgage.