Refinancing a loan essentially means taking one loan and replacing it with another. Refinancing is done to allow a borrower to obtain a different and even better interest term and rate. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage.
Today’s homeowners refinance for a variety of reasons:
- To lower their interest rate
- To tap into some additional equity from their property
- To finance construction improvements for their property
- To combine different loans into one
- To reduce monthly payments
- To switch from adjustable rate to more stable fixed rate mortgages
- To reduce the mortgage term length
Whatever your reasons for wanting to refinance your mortgage, a Sky Financial mortgage specialist will take a look at your current home equity and your goals for the future to recommend the best solution. Depending on your situation, we will match you with the refinancing solutions that may be available to you.
If you require financial services and consultation for matters concerning a mortgage loan, mortgage refinancing or renewal, Sky Financial has competent brokers who can be of assistance to you. For more information about our mortgage services, visit our website or call us at 1-800-472-9791.