Homeowners are often urged to consider refinancing their home—but what does refinancing actually mean? Refinancing a home means “paying off” the existing home loan by replacing it with another mortgage loan with terms that work better for your current goals. There are several reasons you might want to refinance:
- To lower your payment via a lower interest rate
- To shorten the term of your loan
- To switch from an adjustable rate mortgage (ARM) to a fixed rate mortgage
- To turn the equity you have built up in your home into cash—the “Cash Out Refinance”
Whatever your reasons for refinancing, the home mortgage specialists at Norwood Bank can help you select the right mortgage loan to meet your financial goals. Contact us today for more information.