Life: Refinance

Your home is your
biggest investment.
We’re here to help
you maximize it.

Reduce your rates and tap into your equity.

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.*

Get a Custom Quote

It only takes 30 seconds to answer these few questions and then we will be in touch to provide you with a custom quote.

Features

Lower 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.

Mortgages Available *

FIXED RATE MORTGAGE

If you plan to stay in your new home for the long term or prefer the certainty of monthly payments that won't change during the life of the loan, a fixed rate mortgage may be the best option for you.

  • Constant interest rate for the life of the loan
  • Variable term options
  • Consistent payment amount makes budgeting easy for homeowners
ADJUSTABLE RATE MORTGAGE (ARM)

If your priority is minimizing your monthly payment or you plan to move or refinance within five years, an ARM may be the best option for you.

  • Interest rate fluctuates over the course of the loan
  • Initial interest rate is set below the market rate on a comparable fixed-rate loan
  • The rate rises (or possibly lowers) as time goes on
JUMBO LOANS

If you need a mortgage greater than $484,350, you may need to look at a Jumbo Loan. Jumbo mortgages are similar to regular fixed or adjustable rate mortgages, but may have:

  • Slightly different interest rates
  • Different requirements in terms of down payments
  • Different requirements in terms of qualifying credit scores
SPECIAL SITUATION MORTGAGES

Thanks to Northern Bank's ability to hold mortgages in our portfolio, we can often be more flexible than many other lenders when parts of your application don't fit the standard industry criteria. Non-traditional situations we can consider include:

  • Non-Conforming Condominium Financing
  • Trust and LLC mortgages
  • Vacation and Seasonal Property mortgages

Ready to take the next step? We’re here to help!

Contact our Team to learn more about how Northern Bank can help you realize your goals and dreams.