From decreasing your monthly payments to lowering your interest rate, there are many reasons why you refinancing your existing mortgage could be a great option for you.
Potential advantages to refinancing your mortgage:
- Take advantage of lower interest rates
- Switch from an adjustable-rate or balloon loan to a fixed-rate loan
- Reduce the amount of interest paid over the life of your loan by shortening the term
- Pay off your existing mortgage sooner by reducing the term of your loan
- Take advantage of your available home equity to pay off debt or make home improvements
The refinance application process is the same as that for an original mortgage and involves closing costs of 2% to 3% of the new loan amount plus title insurance. It may be possible to finance extra costs in the new loan. We will provide an estimate of closing costs when we receive your completed application.
National Bank of Commerce is here to help every step of the way with your home financing needs.
Note: Mortgages, loans, and lines of credit are subject to credit approval.