First Financial  
 

Refinance: A lower mortgage rate is one of many benefits

Mortgage rates remain at near record lows, and many homeowners are finding it cost effective to take advantage of today’s terms. Regardless of whether your mortgage has been in place for years or even months, it may be wise to consider refinancing.

A refinance loan essentially replaces your old mortgage with a new mortgage. There may be closing costs associated with a mortgage refinance, but those fees can often be rolled into the new loan to minimize out-of-pocket expenses.

Refinancing can be an excellent way to reduce monthly payments by lowering your interest rate, especially if your income has increased, your credit score has improved or the value of your home has stabilized. But it can help you meet other goals too.

  • Become mortgage-free faster. If a lower rate reduces your monthly payment sufficiently, you might be able to opt for a shorter term loan. Paying off your mortgage in 10, 15, or 20 years can help you save thousands in interest.
  • Pay for college tuition or other major expenses. Homeowners can refinance to pay for college tuition for themselves or their children.
  • Provide extra money. A refinance loan with a cash-out option can provide extra funds to consolidate debt, make home repairs or pay off medical bills.
  • Get better terms. When you get a new mortgage with a refi, you may be able to negotiate terms in the loan package such as prepayment penalties.

Comments are closed.


First Financial

First Financial ® Corporate Headquarters 2850 Womble Road Suite 100-604 San Diego, CA 92106

Client Service Center: Main: 1-800-315-7791 Fax: 1-800-215-0217 (Monday–Friday 5:00am–6:00pm Pacific or 8:00am–9:00pm Eastern)

Merchant Services / High Risk Merchant Accounts: 1-800-950-0212 Fax: 1-800-215-0217

 

Advertiser Disclosure: This website is an independent, advertising-supported comparison service.

The card offers that appear on this site are from companies from which this website receives compensation.

This compensation may impact how and where products appear on this site (including, for example, the order in which they appear).

This website does not include all card companies or all card offers available in the marketplace.

This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

First Financial® is a Federally Registered Trademark

©1994-2019 First Financial®, All Rights Reserved. All other products and company names are trademarks of their respective companies.