Refinancing

Refinancing Your Mortgage

When you refinance your mortgage, you take out a new home loan and use some or all of the proceeds to pay off the existing one. Today, many homeowners are taking advantage of historically low interest rates and refinancing their mortgage loans.

Why refinance your mortgage?

If I owe more than my home is worth, will I be able to refinance?

Home values across the country have declined, and many homeowners owe more on their mortgages than their homes are worth. When you’re “underwater” on your mortgage, it may be possible to refinance, but it will depend on your circumstances and the type of mortgage you have.

With mortgage rates so low, does it make sense to refinance?

Historically low mortgage interest rates have prompted many homeowners to think seriously about refinancing, but there’s a lot you need to consider before filling out a loan application.