Weigh the Pros and Cons
If there has been a change in your finances, mortgage rates, or housing plans then a refinance might be a good choice. Check out our refinance calculator or call a loan officer to see if a refinance is the right move.
How Much Could You Save?
Annual Savings*
$2500
Monthly Payment Savings*
$0
New Monthly Payment*
$0
Difference in Interest*
$0
Get Your Documents Together
Pull your own credit report and check for errors or ways to improve your score. Start saving income and asset records. Take a look at the suggested documents you'll need.
See Suggested Documents
Fill out the Application
With your documents in order, it's time to start the application process. Or, get in touch with a loan officer to help you through every step of the way.
Apply Now
Get a Loan Estimate
Review fees and closing costs for your loan and decide if the loan terms and monthly payment are a good fit. Give the Truth in Lending disclosure (TIL) a quick read so you know your rights and responsibilities.
Formal Offer
If you are comfortable with the terms, it's time to make it official and formalize the loan agreement.
Home Appraisal
A professional will determine the estimated market value of your property by comparing it to recent sales in the area. The appraised value is a consideration in determining the amount and terms of your new mortgage.
Closing the Loan
Once we have agreed on all the details, we will close and fund the loan. There are some costs involved for the appraisal, origination, and title.
Apply NowRefinance Articles
Mortgage terminology – do you know the lingo?
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If you are buying or refinancing a home, your loan officer or real estate agent may be using some words that you are unfamiliar with.…
How Much Home Can You Afford?
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Knowing what you can realistically afford is an important first step to buying a home. One of the mistakes people commonly make when home searching…
Pre-Qualification vs Pre-Approval – What’s the difference?
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What Are the Differences in Mortgage Pre-Qualification and Pre-Approval? When you’re considering buying a home, there are two terms you’ll hear, both of which are…
FAQ
- When Should I Get a 15-Year Fixed Loan?
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Fifteen-year loans became quite popular in the 90′s. Thanks to historically low rates, borrowers can use a 15-year loan to pay off their ... Read More.
Fifteen-year loans became quite popular in the 90′s. Thanks to historically low rates, borrowers can use a 15-year loan to pay off their home loans quickly without an unbearably high mortgage payment.
The benefits are simple: You could own your house free and clear more quickly and you might save a great deal of interest. For example, a couple in their mid-40s may like this concept knowing that by the time they reach age 60, they own their home and will no longer have mortgage payments. For a young couple in the mid-20s, it may not make as much sense as having a longer term 30-year loan.
The key to deciding is to compare the monthly payments and see how comfortable you are with the higher payments of a 15-year loan. If you want to pay off your loan early but can’t quite handle the payments on a 15-year loan, ask us about our 20-year loans. For those who want to pay off their loan even more quickly, we can offer a 10-year fully amortizing loan.
Read Less Still have questions? Ask Us. - When Should I Get a 30-Year Fixed Loan?
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The traditional 30-year fixed rate mortgage has a constant interest rate with the monthly payments (principal and interest only) that nev... Read More.
The traditional 30-year fixed rate mortgage has a constant interest rate with the monthly payments (principal and interest only) that never change for both conforming and jumbo loan programs. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, adjustable-rate loans are usually more cost effective.
As a rule of thumb, fixed-rate loans may be harder to qualify for than adjustable-rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run because you can lock in the rate for the life of your loan.
Read Less Still have questions? Ask Us. - What Are Adjustable-Rate Mortgage Programs?
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Adjustable-rate mortgage programs charge a fixed-interest rate for the first three, five, seven, or ten years. After that time, the loan ... Read More.
Adjustable-rate mortgage programs charge a fixed-interest rate for the first three, five, seven, or ten years. After that time, the loan turns into a variable interest rate loan (with a rate cap) for the remaining years on the life of the loan, based on the then-current interest rates.
When it comes to Adjustable-Rate Mortgages (ARMs), there is a basic rule to remember: The longer you ask the lender to charge a specific rate, the more expensive the loan.
If you plan to own the house for three years or less, the perfect loan is one that is fixed for three years before starting to adjust. This way you’ll benefit from the lower rate offered by an ARM without being subjected to the uncertainty of payments that could be higher. Similarly, if you think you’ll be in the house for five or fewer years, the perfect loan is our loan that is fixed for five years before starting to adjust. The same logic applies to our loan that is fixed for seven years before adjusting.
Read Less Still have questions? Ask Us.
Glossary
- Acceleration Clause
- Allows the lender to speed up the rate at which your loan comes due or to demand immediate payment of the entire outstanding loan balance should you default on your loan.
- Adjustable Rate Mortgage (ARM)
- A mortgage in which the interest rate is adjusted periodically based on a pre-selected index. It is also sometimes referred to as the renegotiable-rate mortgage, variable-rate mortgage, or Canadian-rollover mortgage.
- Adjustment Interval
- On an adjustable-rate mortgage, it is the time between changes in the interest rate and/or monthly payment — typically one, three or five years, depending on the index.