REFINANCE
Save Money with a Refinance
Refinance Highlights
- Shorten your loan’s term to save even more money.
- Refinance to a lower interest rate which might also lower your monthly payments
- Convert your adjustable-rate mortgage (ARM) to a fixed-rate loan which will keep your payments safe from possible interest rate increases.
- Combine a first and second lien to a single loan for simplicity and savings.
- Consolidate debt from higher interest rate credit cards or subordinate financed loans into one loan which may result in lower monthly payments.
- Turn your home equity into cash.
Refinance Options
Cash-Out Refinance*
A cash-out refinance allows you to take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. This option can help you pay for major expenses like college tuition, debt, or home improvements.
*Appraised property value may affect loan amount.
Adjustable-Rate Mortgage (ARM)
Typically adjustable-rate mortgages offer low introductory rates and payments that can change periodically after the initial fixed-rate period. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.
Fixed-Rate Mortgage
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. You can select a 30-, 20- or 15-year term, but keep in mind lower term options have higher monthly payments which means you are building home equity faster. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you. Need additional assistance? Please contact your local Fairway mortgage professional.
*By refinancing your existing loan, your total finance charges may be higher over the life of the loan.