Refinancing a mortgage can deliver a lot of benefits—and it’s a strategy that should never be overlooked. Many homeowners with existing mortgages keep a close eye on interest rates and look for the right time to refinance to take advantage of lower rates.
While laws allow lenders to potentially strip equity, our philosophy is to drive down the cost of a refinance and either reduce, avoid, or eliminate hidden fees. Your home’s equity is important—and we take it seriously.
However, deciding to refinance your home requires more consideration than just lender rates. These are some of the top reasons why refinancing might help you meet your financial goals.
The #1 reason people refinance is to take advantage of a lower interest rate than the one they originally locked in.
Lower rates = lower monthly payments.
One caveat: sometimes you may extend your loan term depending on your new refinance terms. Be sure to crunch the numbers.
👉 See how Mares Mortgage can help!
Private Mortgage Insurance (PMI) is often required if your down payment was under 20%. But through refinancing, you might qualify for a lower PMI rate—or eliminate it altogether.
We can help you secure PMI discounts, improved terms, or in some cases, completely remove PMI.
Image: Ballpen close-up desk placeholder
Refinancing to a larger mortgage can free up cash for home improvements, debt consolidation, or other goals. A strong credit profile helps here.
If you suspect a housing downturn, refinancing may allow you to cash out your equity before values drop. That money can be invested elsewhere, possibly in less volatile products.
Just like a bad prescription can hurt a patient, some lenders offer loan terms that hurt homeowners. We believe in a philosophy that puts the consumer first.
Got access to a lump sum of cash? You can refinance and use it to pay down your principal—resulting in lower monthly payments or a shorter mortgage term.
👉 See how Mares Mortgage can help!
Refinancing also allows you to consolidate multiple mortgages into one, ideally with a lower interest rate. We can also help you renegotiate better terms on your 1st and 2nd mortgages.
If your home value has appreciated significantly, refinancing could free up equity and let you eliminate PMI. For example, if your home equity reaches 20%, PMI may no longer be required.
A stronger credit profile could qualify you for significantly better loan terms.
We offer immediate feedback on your credit and help you improve your FICO score to access better loan programs—saving you money.
Refinancing can also extend your mortgage term, lowering monthly payments if your financial situation has changed.
👉 See how Mares Mortgage can help!
Want to pay off your mortgage faster? Refinancing into a shorter loan term with a lower rate can make that possible—even if it increases your monthly payment.
Refinancing can help you change the type of loan you have—for example:
Refinancing gives you flexibility to optimize for your needs.
If you share a mortgage with a spouse or partner, refinancing can help you buy out their share of the home.
Refinancing can be complex, which is why it’s important to work with an expert. Whether it’s refinancing or choosing between banks and brokers, your strategy matters.
We put the consumer first.
While retail banks focus on profits, we prioritize your financial well-being. We protect your data and never sell your personal information.
Our licensed mortgage brokers work directly with you to understand your needs and shop the best rates from a wide range of lenders.
And best of all: there’s never a fee to use a mortgage broker. We’re only compensated by the lender you choose.
👉 Ready to refinance? Let Mares Mortgage help you today.
