Refinancing
REFINANCING
If interest rates have dropped since your first mortgage or your home value has increased, refinancing your current loan may be a great option for you.
When you refinance you use your newly structured mortgage to pay off your current mortgage. This process may allows you to acquire a new, lower interest rate, restructure other debt or take equity out of your home in the form of cash.
WHY REFINANCE WITH FAIRWAY?
SHORTENED LOAN TERM
Shortening the term length of your current loan by refinancing can save you money.
ARM CONVERSION
Convert your current adjustable rate mortgage to a fixed-rate loan protecting yourself from future rate increases.
LOWERED RATES
Refinancing is a great way to lock in a new, lower interest rate potentially lowering your monthly payments.
COMBINED LIENS
Combine 2 or more liens into one to potentially save money and simplify your current loan.
DEBT CONSOLIDATION
Move debt from high-interest credit cards or loans into a single loan which may mean lower monthly payments.
CAPITALIZE ON EQUITY
Turn the equity in your current home into money in your bank account.
SHORTENED LOAN TERM
Shortening the term length of your current loan by refinancing can save you money.
ARM CONVERSION
Convert your current adjustable rate mortgage to a fixed-rate loan protecting yourself from future rate increases.
LOWERED RATES
Refinancing is a great way to lock in a new, lower interest rate potentially lowering your monthly payments.
COMBINED LIENS
Combine 2 or more liens into one to potentially save money and simplify your current loan.
DEBT CONSOLIDATION
Move debt from high-interest credit cards or loans into a single loan which may mean lower monthly payments.
CAPITALIZE ON EQUITY
Turn the equity in your current home into money in your bank account.
REFINANCE OPTIONS
CASH OUT REFINANCE
A cash-out refinance allows you to take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. This option can help you pay for major expenses like college tuition, debt or home improvements.
ADJUSTABLE RATE MORTGAGE (ARM)
Typically adjustable-rate mortgages offer low introductory rates and payments that can change periodically after the initial fixed-rate period. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.
FIXED RATE MORTGAGE
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. You can select a 30-, 20- or 15-year term, but keep in mind lower term options have higher monthly payments which means you are building home equity faster. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.