Refinancing Should you Refinance?

Refinance today for a better financial picture tomorrow.

A refinance is essentially a brand new mortgage that replaces the one you have. Refinancing can free up money by reducing the interest you pay on your mortgage.* Shelter Mortgage offers hundreds of loan types including fixed rate, adjustable rate, and FHA loans.

Reduce your monthly mortgage payment: If your home loan rate is higher than today’s mortgage rates, reduce your monthly payment by switching to a lower interest rate, freeing up cash for savings, other bills, or fun.*

Shorten the term of your mortgage: Cutting your term down to 10 or 15 years will save thousands of dollars in interest over the life of your mortgage. In the short term, your monthly payment will likely go up because you are paying down the mortgage balance over fewer years, but in the long-term, you will own your home free and clear in half the time.

Convert from an adjustable rate to a fixed rate mortgage: If you plan to move from your home before your ARM is to adjust, there’s no reason to refinance because you’ll pay off that mortgage as part of the sale. However, if your ARM is about to reset, consider refinancing into a fixed rate loan, with predictable monthly payments that do not rise.

Rapid refinancing for current customers: If you already have a mortgage with us, the refinance process moves ahead more quickly and easily with less paperwork and details to manage.

For more information, please click here to find a loan officer near you.

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*By refinancing your existing loan, your total finance charges may be higher over the life of the loan.