PMI or Private Mortgage Insurance is an insurance that protects the lender from higher risk from borrowers putting down less than 20% down on a house. Read about PMI, how it works, cost, and more.
Lower Your Interest Rate
If mortgage rates have dropped since you got your original loan, refinancing to a lower interest rate can lead to significant savings over the life of your loan. Even a small change in the rate can make a big difference.
Shorten Your Loan Term
Refinancing from a 30-year mortgage to a 15-year mortgage can help you own your house outright faster. This also builds your equity more quickly. You'll pay less overall interest with a shorter term, even though your monthly payments may be higher.
Tap Into Your Home's Equity
(Cash-Out Refinance)
If you need cash, a cash-out refinance lets you access the equity you've built in your home. This money can be used for major renovations, to consolidate debt, or for other major expenses. Be aware that a cash-out refinance means you'll be taking on a larger mortgage.
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