How to refinance your home?
Refinancing your mortgage is when you replace your current mortgage with a new one by paying off the old balance with a new loan that has different terms and conditions, such as a new interest rate. To be eligible, you need increased equity in your home, which is the extra value your home has gained over time.
Why would you refinance?
People may choose to refinance their mortgage for a variety of reasons, including financing home improvements, paying for their children’s education, buying a big-ticket item or simply to consolidate debt. If you have built up more equity in your home, refinancing can help you access the cash value tied up in your property.
Your guide to refinancing your mortgage.
Explore your refinancing options
Connect with an expert to understand your options and determine if refinancing is right for you.
- Meet with a Mobile Mortgage Specialist or Financial Advisor to discuss your goals.
- Bring your ID, proof of employment income, tax documents and home appraisal information.
- Review your options and what you’ll need to get started.
Understand your home's value
Determine your home’s current value and potential equity by comparing its market value with what you still owe.
- Work with your Mobile Mortgage Specialist or Financial Advisor to figure out the current market value of your home.
- Calculate your potential equity. This is the difference between your home’s current market value and the outstanding balance on any loans for the home (how much you’ve paid for your home vs. how much you still owe).
Finalize your refinancing plan
Choose your mortgage options and complete your refinancing.
- Determine your refinancing goals, whether it’s renovations, debt consolidation, education or other expenses.
- Review your rate, term, payment schedule and any applicable fees.
- Once complete, your advisor will help you understand how to access your refinanced funds.
Why do people refinance their mortgage?
Refinancing isn’t a one-size-fits-all decision. Here are the most common reasons — and the key considerations for each.
| Reason | Potential benefit | Key consideration |
|---|---|---|
| Lower interest rate | Reduce monthly payments and total interest paid. | Prepayment penalty may apply if you’re mid-term. |
| Access home equity | Fund renovations, education, major purchases or investments. | Increases your total mortgage balance. |
| Debt consolidation | Combine high-interest debt into a lower-rate mortgage. | Extends your mortgage commitment; consider total interest over time. |
| Shorten your amortization | Pay off your mortgage faster and save on interest. | Higher monthly payments. |
| Access cash for major purchases | Use equity for a large purchase without a separate loan. | Your home is the security — consider carefully before proceeding. |
Tools to help you evaluate refinancing.
Common questions.
Here’s what people ask us the most.
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Members may refinance for many reasons, including consolidating higher-interest debt, completing renovations, funding education, making a large purchase or accessing funds for other financial goals.
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The amount you may be able to access depends on your home’s current value, your outstanding mortgage balance and lending requirements. A Mobile Mortgage Specialist or Financial Advisor can help you understand your options.
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Refinancing is available through our Flex Feature Mortgage, which provides flexible options to help you choose the mortgage features that best fit your needs.
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You’ll need information such as identification, proof of employment income, tax documents and details about your home. Your advisor can help you understand what’s required for your situation.
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The best time to refinance depends on your goals and financial situation. Some homeowners choose to refinance when their mortgage term is up for renewal, while others refinance during their term when they need to access their home’s equity, complete renovations, consolidate debt or fund a major expense. It’s important to consider factors like your current mortgage terms, interest rates and any applicable fees. A Mobile Mortgage Specialist or Financial Advisor can help you understand your options and determine if refinancing is right for you.
Let's connect.
Our Mobile Mortgage Specialists are here to walk you through your options — at home, at the office or virtually. Book a time that works for you and let’s find your ideal mortgage.
