A mortgage refinance replaces an existing mortgage with a new loan under different terms. Refinancing may change your monthly payments and overall loan costs. It’s important to carefully evaluate your options to determine if refinancing is right for you.

Know Your Refinance Options

Understanding current mortgage refinance rates is essential. Shield Home Loans Inc. can provide information to help you make an informed decision.

Reasons to Consider a Mortgage Refinance:

• Adjust Your Monthly Mortgage Payment: Depending on your loan terms and market conditions, refinancing may lower your monthly payments. However, refinancing may result in higher total finance charges over the life of the loan.
• Consolidate High-Interest Debt: Refinancing could allow you to pay off higher-interest debts with a new loan. Keep in mind that extending repayment terms may increase the total cost of borrowing.
• Pay Off Your Mortgage Faster: Shortening your loan term may help you pay off your mortgage sooner and reduce interest paid over time. However, this could also result in higher monthly payments.

When to Refinance Your Mortgage

Shield Home Loans Inc. offers information on various mortgage refinancing options. If you’re considering refinancing, contact us to explore your options and determine what best fits your financial goals.