WHEN TO REFINANCE

Each homeowner is unique - and we'll help you determine if it's the right time for you to refinance. Effective refinancing typically means lowering your current mortgage loan rate by at least one percent. You might also want to consider changing the length of your loan or receiving cash from the equity in your house.

Benefits of Refinancing

If you want to increase cash flow, refinancing to lower your monthly payment could help. Refinancing could also allow you to shorten your loan term if you qualify.

Using Home Equity

Many people borrow against the equity in their homes and use the cash to make improvements. Up to 90 percent of the appraised value of your home can be used to make home improvements. The equity you can use is based on the value of the home and what you currently owe, subject to applicable state laws. You can still refinance if you don't have much equity -- up to 90 percent loan-to-value (LTV) if you want to refinance your house for a new rate and term. A reappraisal of your property may be required.

Refinancing Costs

You will have closing costs associated with refinancing your loan, including points and processing fees. You may have the option of rolling these costs into the loan amount to reduce your cash out of pocket.