Refinance Reset the terms.
Mortgage refinancing may lower your monthly payments, shorten your term, or free up cash.
Wanting to pay less in interest on your mortgage and lower your monthly payments?
A mortgage refinance is the replacement of an existing mortgage with another mortgage under different terms.
Ready to pay less in interest on your mortgage and lower your monthly payments? A refinance may be the right step for you.
A mortgage refinance is the replacement of an existing mortgage with another mortgage under different terms. Mortgage refinancing can lower your monthly payments, which can add up to significant savings.
Knowing your current refinance mortgage rates is important. Falmouth Mortgage Group can keep you informed and help decide when a refinance may be best.
Reasons to consider a mortgage refinance:
- Reduce your monthly mortgage payment: Mortgage rates are still very low. A refinance with Falmouth Mortgage Group may help you lower payment and possibly save you money.
- Consolidate high interest debt: You could pay off those higher-interest debts by refinancing with a lower rate. Even with less-than-perfect credit, we can help you lower your monthly payment and pay off your higher-interest debt. By consolidating your payments into one low monthly payment, you can pay less each month, lower your debt, and improve your credit score.
- Pay Off Your Mortgage Faster: The shorter the term on your mortgage, the lower your mortgage rate. Did you know that you may be able to take advantage of today’s competitive rates by shortening the term of your loan (which means paying less interest) without a significant change in your monthly payment?
When to Refinance Your Mortgage?
We offer information on a variety of mortgage refinancing rates and options. When you are ready to take the next step, contact Falmouth Mortgage Group. We can advise you on which mortgage refinancing program meets your needs.
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Refinance FAQs
When does it make sense to refinance?
Generally when the new rate is at least 0.5–0.75% below your current rate, when you can shorten the term without raising the payment uncomfortably, or when you want to drop mortgage insurance. We run break-even math on every scenario.
How long does a refinance take?
Most refinances close in 21–35 days. A streamline refinance (FHA streamline, VA IRRRL) can be faster.
Are there closing costs on a refinance?
Yes. Costs typically run 2–5% of the loan amount and can sometimes be rolled into the new loan. We always show the break-even point so you know how long until the savings offset the costs.