Refinancing Your Home

Refinancing your mortgage could save you a significant amount of
money or help you meet other financial goals.

When should you refinance?

There are a variety of reasons you might want to consider
refinancing your home:

1. Home
renovations

Refinancing lets you take advantage of your home’s equity. This is a great option if you’re planning to do a large home renovation project.

2. Consolidate your debt

Combine your debt from high interest credit cards and other loans into a single, more affordable payment. Consolidating your debt into a secured loan allows you to pay a lower interest rate and pay less interest over time.

3. Make a major purchase

If you’re planning to make a significant purchase, refinancing allows you to borrow against your home’s equity and gives you access to flexible and affordable credit.

4. Lower your interest rate

If interest rates have recently decreased you may be able to secure a lower mortgage rate and save money in the long term.

5. Lower your monthly payments

Refinancing also can lower your monthly mortgage payments. To review your monthly payment options, please visit your local branch to talk to an advisor.

6. Change your mortgage

Refinancing also can lower your monthly mortgage payments. To review your monthly payment options, please visit your local branch to talk to an advisor.

Refinancing tips

Key considerations when refinancing

- When you refinance your home, you essentially create a new mortgage. This means you must requalify for a mortgage just as you would if you were applying for a brand new mortgage
- Refinancing can incur additional costs such as an appraisal fee, title search fees, and legal fees. Be sure to factor in these costs when you’re calculating your overall savings
- Depending on the option you choose, there may be prepayment penalities for ending your previous mortgage early
Depending on the option you choose, there may be prepayment penalities for ending your previous mortgage early

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