With interest rates hitting an all-time low, there’s a few of questions on whether refinancing your mortgage right now is a good idea. If you are considering refinancing your mortgage, keep these basics in mind.

Refinancing is the process of replacing an existing mortgage with a new loan. People usually refinance their mortgage in order to reduce the monthly payments, lower the interest rate or change the loan program from an adjustable rate mortgage to a fixed-rate mortgage. Some people need access to cash in order to fund home renovation projects or pay off various debts and will leverage the equity in their house to obtain a cash-out refinance.

The process of refinancing is similar to obtaining the first mortgage so there’s not too much to be concerned about in that sense but you’ll want to make sure you will be getting a better interest rate, lower payment or whichever benefit you were wanting to accomplish your goal

If the talk about federal rates or refinancing have you wondering if you should refinance your home loan, be sure to have an expert look over your options with you. Our mortgage calculator can give you an idea of what type or rate you’ll be looking at. Our loan officers are ready to help you lower your interest rate on your mortgage today. Contact us to get started.