Refinancing Your Mortgage Loan
When, Why, and How
Is a mortgage refinance right for you? Refinancing your mortgage loan can save you money on your monthly payments, but when is the best time to refinance? Here are our four best reasons why and why to refinance your mortgage loan...
1. Drop in Interest Rates
A drop in the interest rates is the first sign that you could save money. Refinancing to a lower interest rate can reduce your monthly payment or loan term. Do you know your rate? Fill out a mortgage loan application today.
2. A Positive Change to Your Credit Score
Low rates aren't the only great reason to refinance. Your credit score is an important determining factor for your loan rate. If you notice an increase in your score, you may qualify for a lower loan rate, even if overall interest rates have not dropped. It's a good idea to check your credit score a few times a year. If your number is going up, then it’s a good time to look into refinancing your loans.
3. Financial Troubles
The past year has been a challenge to many people. If you are among those who've found themselves in a tight financial situation, it may also be a good time to look into refinancing your mortgage loan to lower your payments. If you're unsure if this will be the right choice for you, speak to a Mortgage Loan Officer! Request a call from a Mortgage Loan Officer today.
4. A Change in Personal Status
In addition to saving money, you may have the option to change the status of owning your mortgage loan. In other words, you can refinance to remove any original co-signers from your loan, and have the entire loan in your name. There are a few other steps to this process, so you may want to speak to a Mortgage Loan Officer to get started.
Is Refinancing Always a Good Idea?
If you experience any of the above changes, refinancing is a great financial move, but like with any financial choice, there are a few other considerations. Review your current mortgage loan documents, and take the time to consider your new loan carefully.
Need a Little Extra Help? We are Here!
If you need help getting started, read our list of Frequently Asked Questions. If you still aren't sure if refinancing your mortgage is right for you, give us a call at 614.707.4000 or stop by any one of our branches in branch in Dublin, Westerville, or Columbus.