Perhaps you've seen TV commercials or heard your neighbor talk about how they've refinanced their home. You might be wondering: Should I do this, too?
If you’re curious to learn more, we’re here to help figure out if refinancing is the right option for you. Below are a few common questions we get asked about refinancing.
What does it mean to refinance?
If you hear someone say they are refinancing their home, it means they are getting a new mortgage to replace the original one. Refinancing can help you get a better interest term and rate on your loan. When you refinance, you could have more money in your pocket.
What are the benefits of refinancing?
- Lower rate. Once you refinance, your interest rates will be lower. That means you’ll save more money each month.
- Pay your loan off faster. Let’s say you originally bought your house with a 30-year mortgage. If you refinance with a 15-year mortgage, you’ll own your home outright sooner.
- Extra cash. Using a cash-out refinance, you can refinance your mortgage AND borrow money at the same time by leveraging the equity you’ve already built up in your home. The money you borrow can then be used for home improvements, college tuition or other financial needs.
How long does the process take?
It typically takes 30 to 45 days to refinance your home.
The Meridian Difference:
We’re here to answer all of your questions
We’ll walk you through all of your options
We’ll explain the process quickly and concisely