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Refinancing Your Home

Most Common Reasons to Refinance Your Home!

You’re paying a high-interest fixed-rate mortgage, and you’re looking to get a loan with lower interest rates.

You got an adjustable-rate mortgage, and you want to have a fixed rate.

You want to consolidate at least two mortgages into one.

You have a long-term loan and would like to have a short-term loan instead to be able to build your equity quickly.

You want to convert your short-term loan to a longer-term with the aim to reduce your monthly amortization.

You want to switch from an interest-only loan to a mortgage that lets you pay down the principal.

You need extra cash to make a purchase or pay off a debt.

Four Common Refinancing Options

Cash-Out or Cash Back Refinance

This plan enables you to refinance your mortgage for a greater amount than you presently owe. When you secure this type of refinancing option, you receive cash from your home's  equity which you can use for any other purpose.


A Cash-Back refinancing may be a good option for home improvement, consolidating your mortgages, or to pay off unexpected costs on car repairs.  

Lower Fixed-Rate Loan

If you’re paying a high fixed-rate loan and the interest rates have dropped because of the market conditions, you can refinance with a low fixed-rate mortgage. Also, if you got an adjustable-rate mortgage, you may want to secure a fixed rate. Although your adjustable rate may be currently low, there’s no guarantee that it’ll remain so. Getting a lower fixed-rate loan let's you lock in that reduced rate for the duration of your mortgage. If you don’t intend to relocate within the next five years, this is a good option.

Shorter-Term Loan

If your primary goal is to quickly build equity and settle your mortgage, getting a shorter-term loan is your best option. Your monthly payments may be higher, but you will pay significantly less interest, and you'll pay it off sooner. Also, if you go from a 30-year to a 15-year fixed loan, you will get a higher tax deduction on interest. However, if you've held your existing mortgage for a sufficient number of years, you may be eligible to refinance to a shorter-term loan without increasing your monthly amortization.

Lower Fixed-Rate Loan

 If your main goal is to reduce your monthly payment, you can convert your short-term loan to a long-term, that is for three years at least, up to a maximum of 30.


This type of mortgage offers great flexibility in terms of payment, plus you get to pay a much lower interest rate compared to a short-term loan.

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