Refinance

You MAY Save Money by Refinancing Your Mortgage Enjoy Other Benefits Too!

Refinancing a mortgage involves getting a new loan to replace an existing one. If you choose to take this path, you get to choose from fixed- and adjustable-rate mortgages as well as different loan terms. The maximum loan amount depends on the equity you’ve built in your home and a few other factors.

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    Possible Benefits of Refinancing an Existing Mortgage:

    • Receive a reduced interest rate
    • Build equity quicker by opting for a shorter loan term
    • Switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM), or vice versa
    • Use funds from a cash-out refinance loan to pay off high-interest debt
    • Lower your monthly payments*

    *This may lead to higher finance charges through the course of the loan’s term.

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    The Cost of Refinancing a Mortgage

    Refinancing an existing mortgage brings the potential to save some money, but you need to account for closing costs. These include various fees and charges involved in getting a new mortgage and typically vary from 2% to 6% of the loan amount. You may avoid paying these costs at the onset by rolling them into your new loan.

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    Whatever your refinancing needs are

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    First Time Homebuyer’s Guide

    Considering homeownership but not sure where to begin? The Meadowbrook Financial Mortgage Bankers Corp. guide to home buying will make the process easy all in one packet.

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