Why Refinance? To save money! Whether it's lowering your monthly payments or reducing the number of years on your loan, refinancing could save you TONS of money. When you refinance, you often seek to replace your current mortgage loan with a new loan that has a lower interest rate. If you have other debts and want to combine loan payments, that is also an option with a mortgage refinance.
Benefits to refinancing your existing loan include:
• Lowering monthly payments. You may choose to refinance for reasons that have nothing to do with getting a lower interest rate. For example, you may decide to refinance to lower your payments.
• Paying off consumer debt. Refinancing may allow you to access the equity in your home to borrow additional money (a "cash-out" refinancing), to pay off credit cards or other debt, or even to use the money for another purpose.
• Combining monthly payments. Refinancing lets you combine two mortgage payments into one payment, hopefully at a lower rate than the average rate of the two payments. Combining your payments cuts the time you spend paying bills.
• Changing the loan terms. Perhaps you want to ease the burden of making payments on a 15-year mortgage loan by refinancing with a 30-year mortgage. Stretching out your loan term reduces your monthly payments.
Heritage Bank has the ability to handle all aspects of the lending process from application to funding. By choosing us, you enjoy the convenience and security of in-house underwriting and processing for your loan application. We close loans quickly and efficiently. At Heritage Bank we provide the best financial solution for every borrower.
We specialize in residential mortgages through such products as:
• USDA and VA loans.
• FHA Loans.
• Adjustable Rate Programs.
• Portfolio Lending.