Refinance

Refinancing refers to the process of paying off your existing mortgage by getting a new mortgage.

Generally, if you can lower your interest rate by two percent, refinancing might make sense. You can also refinance to switch between fixed or adjustable rate mortgages, reduce monthly payments to increase household cashflow or to withdraw equity from a property.

The easiest way to find out if a refinance will work for you is to contact a mortgage lender and have the lender do some comparisons for you. Or, you can work out the comparison yourself with the help of our online mortgage calculators. To do a comparison, the you or the lender will need this information:

• Your current mortgage payment (principal and interest), payoff amount and interest rate
• Your preference for the term of the mortgage: 30-year, 15-year or custom
• Your preference for a fixed rate or adjustable rate mortgage (ARM)

If you wish to have a United Prairie Mortgage lender help you find out if refinancing makes sense for you, contact us.