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Refinancing Your Mortgage Articles

Learn when to refinance and ways to bring down your monthly payment.

Learn About Refinancing Your Mortgage

Take advantage of market fluctuations and see how refinancing your mortgage can save you money.

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Get a Lower Interest Rate By Refinancing Your Mortgage Today 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. ——— *Loans subject to credit approval. First Bank is an Equal Housing Lender Sources: Locate a Loan Officer | First Bank Refinance Calculator | First Bank Investopedia 2 min read
Mortgage Payment Balance What is PITI? [INFOGRAPHIC] The infographic below helps to illustrate how each component is different. We have also provided examples of the average home cost and the associated PITI for the states that First Bank serves. We hope it helps! 1 min read
House sitting on pile of money, hand on mouse computer and keyboard When to Refinance Your Home Here are some common scenarios where refinancing your mortgage makes sense. 3 min read
Couch and coffee table with vase on top 5 Reasons to Consider a Home Equity Line of Credit (HELOC) Your home is your most valuable asset and investment. A home equity line of credit can provide many benefits for those with good credit and a chunk of their mortgage paid off. 2 min read
Yellow house with gardens in the front The Impact of Home Ownership on Your Credit Rating If you’re in the market for a home, you’ve probably spent some time cleaning up your credit. After all of that hard work, you may wonder what impact a mortgage will have on your credit rating. 3 min read
Chalk on pavement with true and false checkboxes 5 Common Mortgage Myths Debunked While it’s important to do your research during the home-buying process, you can’t believe everything you hear. We’ll help you spot the popular mortgage myths and reveal the truth behind them. 5 min read

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