Refinancing Your Home
Refinance your home at a lower interest rate at Field & Main Bank.
Refinancing is the replacement of a debt or loan amount with a new debt and redefined terms. Speak with a Field & Main mortgage expert today to uncover the ways you can save.
Refinancing your home may allow you to:
- Lower your monthly mortgage payment.
- Shave months or even years off your loan term.
- Benefit from quick, local decisions.
There are plenty of other reasons to refinance your home. Maybe you’d like to see if you can build more equity. Maybe you want some cash to pay off another debt. Get a better understanding of everything there is to know about refinancing for a lower mortgage today.
How does refinancing a mortgage work?
Refinancing is replacing an existing debt with another debt obligation but under different terms. When refinancing your mortgage, you’ll need to start by completing the online application. This should take you about 20 minutes. If you get stuck or don’t have an answer for certain questions, don’t worry! You can always call or email us with questions. You can expect the refinancing process to take around 30-40 days to complete.
When does it make the most sense to refinance your home?
Our mortgage lenders understand that each situation is different and there are many reasons why refinancing could be a great option. We encourage you to contact a Field & Main Bank mortgage lender and they will help you determine if refinancing makes sense for you.
Do you lose equity in your home when you refinance?
You do not always lose equity when you refinance your mortgage. Refinancing your home could allow you access to the equity you have built in your home. When the value of your home increases, you can use the equity in your home for making changes to the home, for bill consolidation, etc.
Can refinancing get rid of private mortgage insurance (PMI)?
In some instances, refinancing can get rid of PMI, depending upon the value of the property and the amount left to pay on your loan. Our mortgage lenders are experts and can help you determine what is the best decision for you. Even if you just have preliminary questions, we are happy to help.
Can refinancing save you money?
In some instances. If you can receive a lower interest rate, or cash in on your home’s equity, refinancing might save you money.
When refinancing, how much can I borrow?
There are many factors we would consider which would determine how much money you could borrow when refinancing your home. These factors include your income, your property value, and whether you are wanting to cash in your home’s equity.
When refinancing my home can I get extra money at closing?
This is what we call a cash-out refinance, and while it is sometimes possible for borrowers, eligibility is dependent upon a few important factors, including the current value of your home.
Does my credit rating affect my home loan interest rate?
The short answer is yes, your credit score can affect what interest rate you qualify for.
When should someone consider refinancing their home loan?
There are several reasons you might consider refinancing. Perhaps interest rates are considerably lower than your current rate, or maybe you would like to access your home’s equity, or maybe you are interested in lowering your monthly payment. These are all possible outcomes when you refinance your mortgage.
I have an adjustable-rate Mortgage (ARM). Should I consider refinancing?
If you currently have an adjustable-rate mortgage (ARM) you might consider refinancing if the interest rates are low and you plan to live in your home for a long period of time. You might consider keeping your ARM if you do not plan on being at the property for more than five years.
Can I refinance to buy another property?
Refinancing to buy another property is a possibility. However, sometimes there are a few restrictions.
Are there fees associated with refinancing?
Yes, there are fees associated with refinancing. We do offer no closing cost options, but those options do have higher interest rates.
When should you not refinance?
There are a few reasons why refinancing might not be your best option. If you currently have an interest rate lower than what is being offered, or if refinancing will not improve your current financial situation.
I have a second mortgage on my home. Can I refinance?
Refinancing when you have a second mortgage on your home is a possibility. Many times, you can combine both mortgages in a refinance.
What costs are associated with refinancing a home loan?
Many of the costs associated with refinancing are fixed. So, your mortgage lender can give you an idea of the cost before you close. Some of the fees you can expect include an appraisal on your home, title work, credit reporting, and tax service fees.
How long is the refinancing process?
The process of refinancing your home can take anywhere from 30 to 40 days from the time you apply.
Ready To Refinance?
Now is the perfect time to start planning to refinance your home. The experts at Field & Main are always ready to help you with any question you may have regarding your refinancing efforts.Start The Process