Refinancing 101
Understanding a Refinance
A mortgage refinance, also called a “refi”, is when you revise or replace your current mortgage with a new loan or terms. Often, homeowners realize their budgets and lifestyles have changed since they signed their original mortgage. Usually, the market has changed as well over time. By refinancing, homeowners could potentially improve their financial standing, as well as get the benefits of today’s market.
The ultimate goal of refinancing is to improve your financial situation, whether that means keeping more money in your pocket or changing the term of your loan. With a refinance, you may be able to:
- Drop Private Mortgage Insurance (PMI)
- Access Home Equity
- Pay Off Loan Faster
- Lower Monthly Payment
As with any financial decision, it's important to gather as much information as possible so that you can make the best decision for your current situation and future goals. I will run a free mortgage checkup for you to make sure your current mortgage is still the best option for you. If it isn't, I'd be glad to run some cost-comparison scenarios to help you make an informed decision about your refinancing options. Please reach out to discuss if a refinance is right for you!
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Casey Bowman, Loan Originator
NMLS#: 516678 |
1201 Wakarusa Drive, Building C, Suite 1B |
