Current Federal Reserve Rates indicate that NOW is the right time to refinance - Check out this helpful online information to determine if refinancing is right for you.
Talk with a First Financial Mortgage Lending Specialist to explore opportunities available to you!
Consider refinancing if you:
- Have an Adjustable Rate Mortgage (ARM)
- Bought your home when interest rates were higher - consult this CHART to see how interest rates have changed over the past fifteen years
- Have built equity in your home over the past five years
- Have an interest-only loan - you may be able to qualify for a lower interest rate and begin to build equity in your home
Why refinance?
A lower mortgage interest rate will save you money over the life of your loan and reduce your monthly mortgage payments. Even if you're locked into an ARM mortgage, refinancing may give you the opportunity to switch to a lower Fixed Rate Mortgage.
You may also benefit from refinancing by:
- Paying down high interest rate credit card debt
- Receiving cash-out - if you have a significant amount of equity built in your home and require cash (for your children's education, a renovation, etc.), you may be able to refinance for a larger amount
- Shortening the term of your mortgage
- Eliminating the cost of Private Mortgage Insurance (PMI)
How much can refinancing save you?
As a general rule, saving between 1.5% - 2.0% (1.5 - 2 points) on your interest rate makes refinancing worthwhile. And while the initial rates for an ARM loan may be lower than that of a fixed rate loan, you need to compare apples to apples: will the next interest rate adjustment of your ARM likely and substantially increase your monthly mortgage payments? Simply compare the TOTAL cost of your ARM to the TOTAL cost of the fixed rate loan.
Click on our REFINANCING CALCULATOR to determine what a lower interest rate can mean for you.
How do I get started?
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Take the path to success - spend an hour with your First Financial Mortgage Lending Specialist to determine the interest rate for which you qualify. Simply enter your zip code to get information on the lender nearest you.
First Financial Bank is an equal opportunity lender. Property insurance may be required. Closing costs will apply. Rates are subject to change.
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