What does refinancing a loan mean?

Refinancing a mortgage means you allow the lender to pay off an existing loan for a new one. The process allows borrowers to capitalize on potentially better interest rates, a different term or lower monthly payments. Refinancing a loan may have costs associated with it, so you'll want to stay in your home long enough to break even and benefit from the savings gained.

Compare

See if refinancing makes sense.

Pros

  • Protects you from rising interest rates when converting from an adjustable rate to a fixed-rate loan

  • Can let you use the equity in your home responsibly to cover the expense of a renovation project or paying off a higher-interest loan

Cons

  • Expenses or fees to refinance may outweigh any potential short-term savings

Get Guidance

Article

Deciding between a fixed-rate mortgage and an adjustable-rate mortgage (ARM) depends on your finances, Spending habits and lifestyle. For example, how long do you plan to stay in your home, how confident are you in your knowledge of the economy and can you afford any changes in your monthly mortgage payment?

Read more
Article

Buying a house is an exciting proposal, providing some equity and stability in your life, but how much can you really afford, regardless what the lender says you're qualified for?

Read more
Article

If you want to pay less for your next home, having a good credit score is key. You may end up with a lower mortgage rate, less expensive mortgage insurance and even more affordable homeowner's insurance. Here's how to help improve your credit score to get the most for your money when buying a home

Read more

Start shopping

Get Prequalified Apply Online

Speak to a Loan Consultant