Why Refi?
There are many numbers of reasons to refinance a mortgage, the most common is to lower an existing rate in order to lower your payment. Today, refinancing an adjustable rate mortgage with an imminent rate increase is becoming commonplace. Before you refinance you should have your Equitable Bank Loan Officer help evaluate your current situation. They will make sense of both the benefit and cost of refinancing your home today.

Here are other refinancing options for you to consider:

Build Equity: If you currently hold a longer-term loan and can afford a larger payment, refinancing would allow you to apply a greater portion of your monthly payment to the principal portion of the loan.

Cash Out On Your Equity: Tap into your homes equity by exploring a cash out option by refinancing. This is often the preferred option for homeowners who are looking to purchase that big ticket item, paying off debt or paying for that school tuition.

Rebuilt Credit: If you had a few dings on your credit you most likely paid for it with a higher rate. Now that your credit is back on track, lower your payments by refinancing to a lower rate.

Eliminate PMI: A lack of a down payment at purchase required you to purchase Personal Mortgage Insurance to guarantee your rate. Now that you’ve made a number of payments and the equity in your home has increased, eliminate the PMI payment you make each month by refinancing today.