Refinance Loans

Lower Your Interest Rate, Shorten Your Loan Term Length, and More

One of the perks of many home loans is the ability to refinance them. Whether you’re looking to lower your interest rate, shorten your loan term length, or convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (or vice versa), refinancing your current mortgage can be a great financial decision—especially if you plan on living in your home for a long period of time. At Landmark National Bank, our mortgage specialists offer refinance loans that could save you money, help you build equity, and shorten the life of your mortgage.

What are refinance loans?

Refinance loans allow current homeowners to pay off their existing loan and replace it with a new loan that features updated terms. While homeowners primarily look into refinancing to lower their interest rate, convert interest rate terms, or change their loan term length, refinance loans can also be used to access home equity funds to pay for a financial emergency, make a large purchase, or consolidate debt.

Note: Refinancing your current home loan to pay for a financial emergency, make a large purchase, or consolidate debt is a risky tactic that could lead to never-ending debt or bankruptcy.

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Should I refinance my mortgage?

When refinancing your current mortgage saves you money in the long run, it is usually a good idea. Because refinancing can cost you between 2% to 5% of your loan’s principal amount—and because it requires an additional appraisal, title search, and other application fees—it’s important for homeowners to carefully consider if refinancing is right for their situation, especially when it comes to how long you plan on staying in your home.

Lowering Your Interest Rate or Loan Term Length

If you are looking to refinance your mortgage to lower your interest rate, it is wise to only do so if you can reduce your current rate by 1% to 2% . This will allow you to save money, decrease your monthly payment, and build equity in your home faster. Additionally, lower interest rates could allow you to shorten your loan term length while maintaining the same monthly payment you currently have.

Converting Your Interest Rate Terms

If you currently have an adjustable-rate mortgage, you likely started off with lower rates than fixed-rate mortgages. Unfortunately, periodic adjustments in your rate could you leave you paying more than what a fixed-rate mortgage currently offers. In this situation, you could refinance to a fixed-rate mortgage to save money and never worry about fluctuating interest rate terms again.

On the contrary, if you currently have a fixed-rate mortgage, refinancing to an adjustable-rate mortgage could result in lower monthly payments. This tactic is especially useful if interest rates are falling and you don’t plan on staying in your home long-term.