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Get a Lower Interest Rate By Refinancing Your Mortgage Today

Homebuying 2 min read

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With mortgage rates remaining low, whether to refinance or not has been a common question asked among our customers. Read on to learn more about the “the what” and “why” part of refinancing if you’re debating whether or not to refinance your current loans or if you just want to know what refinancing is all about.

What You Should Know About Refinancing Your Mortgage

Refinancing your mortgage* means you pay off your current loan and replace it with a new one.

Reasons to Refinance

  • Reduce your current interest rate expense. For example, switching to a 30-year mortgage to lower your monthly payments.
  • Get out of, or into, an adjustable-rate mortgage (ARM). ARMs have lower interest rates than fixed-rate mortgages to begin with, but it later leaves you open to periodic adjustments that could result in large interest rate increases.
  • Get a better rate as the market shifts, allowing you to save money over the long term with your new loan.

Contact a First Bank Specialist Today

Still wondering if refinancing is right for you? Use our calculator to help you decide if it makes sense for your situation. To learn more, contact one of our loan officers to set-up a consultation at a First Bank branch near you.

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*Loans subject to credit approval. First Bank is an Equal Housing Lender

Sources:

Locate a Loan Officer | First Bank

Refinance Calculator | First Bank

Investopedia

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