Refinance Mortgage Loans

Refinancing your mortgage can help you lower your monthly payments, reduce your interest rate, shorten the term of your loan, switch from an adjustable-rate to a fixed-rate mortgage, or access equity in your home for other financial needs.

Refinancing your mortgage can also help you consolidate debt and improve your credit score by making payments more manageable.  This saves you money in the long run by lowering the overall interest paid and even help you avoid foreclosure if you are behind on your loan payments.

What are the benefits of refinancing my mortgage?

Refinancing allows you to adjust the terms of your existing loan, such as interest rate or loan duration, while a conventional loan is typically used to purchase a home. Refinancing can help you save money by lowering your interest rate or monthly payments, while a conventional loan is subject to stricter lending requirements and may require a higher down payment.  Since you already own your home lender fees are usually lower and the refinancing process happens faster.

When should I refinance my current mortgage?

To determine the optimal time to refinance your home, it is recommended to consider factors such as the potential savings from refinancing, your current interest rate, the new interest rate being offered, the length of time you plan to stay in the home, and any associated costs with refinancing. It may be beneficial to consult with a financial advisor or a mortgage specialist at First Choice Financial to assess your specific situation and explore the best refinancing options available to you.

Are there fees with a refinance loan?

Refinancing a home can involve several fees, which generally fall between 3% and 6% of the loan amount.  Fees can include, but are not limited to:

  • an origination fee

  • a credit report fee

  • document  preparation fee

The exact fees can vary based on your lender and the specifics of your loan.

If you need to know more about refinancing your home loan don't hesitate to call First Choice Financial at (970) 683-1910.

Get in Touch

First Choice Financial

Grand Junction, CO

(970) 683-1910