Refinance Your Home Loan
Refinance Your Home Loan
Whether you’re looking to tap into your home’s equity, lower your monthly payment or adjust your loan terms, our loan officers can help.
When to Consider Refinancing
During the life of your loan, it may make sense to refinance your mortgage. A common rule of thumb is to consider refinancing if your interest rate is more than 1% above current rates. You could also benefit from refinancing to:
Shorten the Term of Your Loan
Shorten the Term of Your Loan
Mortgage terms come in a handful of options. Usually, shorter loan terms carry a lower interest rate, which means you’ll pay less interest over time. Shortening your loan term can help you pay off your mortgage more quickly, but depending on your current balance, a shorter loan term may also increase the monthly payment.
Lower Your Payment Amount
Lower Your Payment Amount
In some cases, switching to a different loan program can help lower your monthly mortgage payment. You may also be able to remove private mortgage insurance. Keep in mind that refinancing to lower your payment may extend your mortgage terms, which can increase the interest you’ll pay over time.
Get a Fixed Rate Loan
Get a Fixed Rate Loan
Refinancing from an adjustable-rate loan to a fixed-rate mortgage ensures that your interest rate will stay the same for the duration of the loan term.
To Access Your Home Equity
To Access Your Home Equity
If you have a sizable expense coming up in the near future (such as college tuition or a home renovation project) or you want to pay off higher-interest rate debt.
The Bell Bank Mortgage Advantage
Our loan officers are here to act as your guide throughout the refinancing process. We want to make your transaction as smooth and stress-free as possible to help you meet your homeownership goals. Work with us for our:
- Reliable pre-approvals
- Competitive rates
- Robust menu of loan products
- Transparent communication
- Dependable on-time closings
Mortgage Loan Refinancing Checklist
Define Your Refinance Goal
Define Your Refinance Goal
Defining your goal can help determine the type of refinance that best fits your needs. Whether you're looking to shorten your loan term, lower your interest rate or withdraw cash for a home renovation, we can help determine the right solution for you.
Compare Your Options
Compare Your Options
Your refinancing options could include changing your rate or term, tapping into your home’s equity, or faster, lower-documentation refinances. The right refinance for you will depend on your current interest rate, available equity in your home, and long-term goals.
