Refinancing

You can switch your type of home mortgage loan whenever you are ready, but there are a lot of factors that go into this decision. Choosing to switch from an adjustable to a fixed-rate loan (or vice versa) largely depends on the current direction of interest rates. It’s best to switch to a fixed-rate loan when interest rates are increasing, but an adjustable-rate loan can be an advantage when interest rates suddenly drop.

Refinancing a mortgage will lower your monthly payments by swapping out your old mortgage loan for a new one with more favorable terms. However, sometimes the cost of refinancing may outweigh the benefits. Core Bank can help you through this process and may determine if refinancing is right for you.

Many people refinance a home to get a lower interest rate on their mortgage, but refinancing doesn’t come without cost. Because you are replacing your original loan with a new one, you are required to pay closing costs again. However, these costs are usually outweighed by the benefits of the new mortgage terms, and the upfront fee basically buys you a lower monthly mortgage rate. At Core Bank, we can help you get the best refinance rates that fit your lifestyle.

You can get cash out of your home equity by choosing cash-out refinancing, which replaces your existing mortgage with one that is worth more than your home price. This means you can cash out the difference between the loan and the home price and that remaining equity goes into your pocket! This can help you consolidate debts.

Refinancing your home loan can consolidate your first and second mortgage, depending on approval. There are many benefits to combining two existing home loans, including a reduction of payments.

You can shorten the term of your mortgage loan when you refinance and can have many benefits. Shortening your 30-year fixed loan to a 15-year loan will ensure that you are free from debt sooner. It’s also worth noting that homes with shorter-term loans offer smaller interest rates.

Refinancing can save you money in the long run and can lower your monthly mortgage rate. You can also start saving more when you refinance, and you will eventually pay less for your home.