Refinancing is the process of paying off one mortgage loan with the money from a new loan, using the same property as security.
Refinancing your home loan can be an excellent way to:
- Reduce monthly mortgage payments when a lower interest rate becomes available (usually at least 1% lower).
- Save thousands of dollars in interest payments by switching to a shorter repayment term and paying off your mortgage sooner.
- Switch from an uncertain variable interest rate to a more stable fixed rate.
- Cash out a portion of the equity in your home to use for other purposes by obtaining a new loan for a larger balance.
First American Bank Home Mortgage offers terms that fit individual situations, and provide flexibility.
Contact one of our Mortgage originators today. We’ll help you decide if it makes sense for you to refinance.