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refinancE Your Home Loan With academy Mortgage

A Refinance May Just Make Sense when...

You want a lower interest rate; OR

You want a lower monthly payment; OR

You want cash from the equity in your home; OR

You want a different loan term (number of years you'll pay on your loan)

We can do a mortgage review and help you explore your options.

Refinance Loan Benefits & Features

Interest rate and monthly payment

- You may be able to get a lower rate. Depending on the length of your loan term, a lower rate may decrease or increase your monthly payment.

Loan Term & Monthly Payment

– Decreasing the length of the loan term usually results in a lower interest rate but a higher monthly payment. You’ll likely pay off your mortgage sooner because you’re paying more principal each month.

– Increasing the loan term usually results in a lower monthly payment, but the total amount of interest you pay throughout the longer term will typically be more.

Cash from the equity in your home

- If you refinance for an amount greater than what you owe on your home, you can receive the difference in a cash payment, which you may use for home improvements to increase the value of your home or in any way you choose.

Loan Term & Monthly Payment

– Decreasing the length of the loan term usually results in a lower interest rate but a higher monthly payment. You’ll likely pay off your mortgage sooner because you’re paying more principal each month.

– Increasing the loan term usually results in a lower monthly payment, but the total amount of interest you pay throughout the longer term will typically be more.

Convert from an Adjustable-Rate Mortgage

- Explore changing from an (ARM) to a Fixed-Rate Mortgage, or get an ARM with better terms.

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