Residential Mortgage Refinancing
Mortgage refinancing is the process of paying off an existing loan and replacing it with a new loan with different terms than the original mortgage. Homeowners may desire to refinance their mortgages for a variety of reasons including the following.
- To obtain a lower interest rate
- To shorten the term of their mortgage
- To convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM), or vice versa
- To tap into home equity
- What is the current value of your property?
- How much of the mortgage have you paid off?
- What is your credit score? Are you eligible for a better quote?
- Do you have all the appropriate documentation?
- Are you prepared for a home inspection?