First Bank can help you refinance an existing mortgage with us or another financial institution. There are many reasons to consider refinancing your existing mortgage, such as a drop in interest rates or a financial situation that requires you to adjust the term of the loan.
Who Would Consider Refinancing?
You could refinance if you want to:
- Stabilize monthly payments (Switch from an adjustable to a fixed interest rate)
- Lower monthly payments (With a lower interest rate or a longer term)
- Pay your mortgage off faster (Shorten the term of the loan)
- Consolidate debt with a single loan and payment
- Gain immediate cash by refinancing to a higher loan amount
Before refinancing, please consider:
- Your credit history
- Any closing and transaction fees that may apply
- If you are subject to incur any penalties
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