Mortgage rates continue to be near record lows. Refinancing your mortgage can help reduce your monthly payments or allow you to access some of the equity in your home. Start your refinance with a Northern Bank mortgage lender today
What to know before you refinance your home
Refinancing means taking a new home mortgage to replace an existing one. Before you refinance, it’s important to know what you are trying to achieve.
What’s your goal?
- Lower your monthly payment: Are current interest rates lower than what you are paying? Refinancing may help reduce your monthly payment
- Pay off your mortgage faster: You may want to refinance to shorten your loan term, pay off your mortgage faster and reduce the total amount of interest you will pay
- Get cash from your home: Has the value of your home gone up since your last mortgage? Have you made progress in paying down your loan? You might refinance and take out a larger loan amount to access some of that home equity for current spending priorities