Should I Refinance My Home?

People Refinance their Home for many reasons.  Below is a list of the main reasons people consider a home refinance and some considerations you should consider in determining whether refinancing makes sense for you.  Refinancing involves your time and can have some upfront costs.  Select Home Lending offers Pre-Approvals and a detailed Refinance Benefit Analysis to help ensure that you are able to qualify & are comfortable with the costs and benefits of refinancing PRIOR to ordering an appraisal. Click here to Get Pre-Approved Now!

Lower Your Interest Rate & Monthly Payment
Change the Term (length) of the Mortgage
Refinance from a Higher Risk Adjustable Rate Mortgage (ARM) to a Lower Risk Fixed Rate Mortgage
Remove Private Mortgage Insurance
Take Cash-Out

Things To Consider – Should I Refinance My Home?

Determine Your Goals
Determine Your Benefit vs. Cost
Determine how the Break-Even Point & Life of Loan Savings Match up With Your Long Term Plans for the Mortgage & Property.
Cash-Out Refinances
Potential Refinance Transaction Deal-Breakers

TAKE CASH OUT

Leverage your investment and use the equity your home has gained over the years

Good for
Renovating your home
Paying down high-interest debt

Use my equity

LOWER YOUR PAYMENT

As an established homeowner, you can improve your financial security by refinancing to a lower payment

Good for
Lowering your monthly outlay
Planning for retirement

Reduce my payment

SHORTEN YOUR LOAN TERM

Learn how the home buying process works with our mortgage Refinance into a shorter term so you can pay off your mortgage soonere tools and resources page

Good for
Reducing the amount of interest you’ll pay
Becoming mortgage-free faster

Shorten my term