There are potentially many reasons that you may want to refinance your current mortgage. Interest rates on mortgages are currently near historic lows. If you acquired your mortgage years ago, you may be able to lower your monthly payments by refinancing the current balance on your mortgage at a lower rate or different term (duration). The typical rule of thumb is that if you can reduce your current interest rate by 0.50% or more, then it might make sense to consider refinancing as a way to reduce your monthly payments.
Or you may want to consider taking out a portion of the equity in your home by refinancing it for more than you currently owe. You can take the difference out as cash to meet other needs such as paying down other debt, remodeling your home or meeting other obligations.
Many people often refinance to replace an existing adjustable rate mortgage (ARM) with a fixed rate loan - - especially if you believe interest rates will be climbing in the future.
Whatever the need, The Peoples Savings Bank is committed to helping you fulfill your dream of refinancing your home. Contact one of our Home Loan experts
and we will work with you from beginning to closing, guiding you through the many choices and options to refinancing your home.