Most homebuyers start with a mortgage to finance their purchase. Over time, however, life changes, and your original loan may no longer suit your needs.

That’s when refinancing can help. Simply put, refinancing means replacing your current mortgage with a new one. This new loan might offer a lower interest rate, a shorter term, a higher loan amount if your home’s value has increased, or a different type of mortgage altogether. The goal is to secure a home loan that better aligns with your current financial situation and goals.

When should you refinance your mortgage?

A lower interest rate is often the most common reason to refinance, but it’s far from the only one. While saving money is a big motivator, there are plenty of other reasons homeowners choose to refinance.

You might want to fund a home renovation, access cash to pay off higher-interest debt, or refinance an FHA loan after paying down enough to eliminate mortgage insurance. A Grand Capital Mortgage loan officer can guide you in determining whether refinancing is the right move for your situation.

Apply to Refinance Today!