When to Refinance Your Home
Introduction
If you’ve been in your home for five or more years, you’ve probably got some equity. And if you’ve got a little equity, it might be a good time to refinance your mortgage. Here are a few more reason and signs you may want to consider a refi…
Refinancing
If you can reduce your interest rate...
A 1% drop in your interest rate can save you thousands long-term. Consider this: A 15-year, $150,000 mortgage at 7.25% interest will accrue about $96,473 in interest over the life of the loan. Compare that to $81,504 in interest at 6.25% on the same home – that’s nearly $15,000 in savings!
If you need breathing room in your monthly budget...
Sending the kids to college or struggling to keep up with rising costs of living? Chances are that a refi would wind up lowering your monthly mortgage payment. That way, you’re able to invest in your more immediate financial needs.
If you can switch from an adjustable-rate mortgage (ARM) to a fixed APR...
When the rate on your ARM is close to increasing, it’s a great time to lock in a fixed rate! Not only will you continue to save, but you’ll also be keeping your monthly payments predictable.
You will need to provide the following for a mortgage refinance
- A copy of your deed
- Two years W-2 forms (for each borrower) or 2 years of tax returns
- One month of pay stubs (for each borrower)
- Payoff balance of your current mortgage
- Proof of assets
- Abstract of Title (Upstate NY only, ask for geographic details)
At least one name on the deed must be on the application. Review our options for fixed rate mortgages or adjustable rate mortgages for additional details and requirements.
To set up a mortgage appointment, and to apply in person, contact our Mortgages department at 800.242.2120, ext. 10269.
Fees and closing costs will vary based on the value and location of the residence, and whether the property includes any gas leasing.
For general questions, and to get an estimate of the fees and closing costs, please contact our loan specialists at 800.242.2120.
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