If you are considering refinancing your existing mortgage to either lower your monthly payment, shorten the duration of your loan, or are looking to cash-out some of the equity in your property, American Bank is here to help. Low mortgage refinance rates are available for most types of residential properties including single family homes, duplexes, triplexes, 4 unit homes, townhouses, and condominiums.
What is a Refinance Loan?
When you refinance you take out a new mortgage to pay off your existing home loan. You can choose to either borrow just the amount needed to repay your current mortgage, also called a rate and term refinance, or, if you have additional equity in the property, you can choose to borrow a larger amount with a cash out refinance.
What could you save by refinancing?
With a refinance you may be able to lower your monthly payment by obtaining a lower mortgage rate or by extending your loan term. You may be able to save on interest payments or build equity faster by moving to a shorter term loan. How much you can save will depend on many elements of your scenario including:
- The mortgage rate on your existing loan.
- Current mortgage rates.
- The number of years remaining on your loan term.
- The loan program you are applying for.
- How long you plan to live in the home.
There are many factors to take into account when considering refinancing a mortgage such as the amount of time it will take for you to recoup any expenses involved in the transaction, what type of program best helps you accomplish your goals, and how the refinance will affect your monthly payments.
Speak with an experienced mortgage banker at American Bank to go over your options so you can make a well informed decision. Call American Bank today to discuss your next mortgage refinance or to get a current rate quote: 877-215-2290
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