Refinancing a mortgage involves obtaining a new loan to replace the existing one. The new loan usually has lower interest rates and more favorable terms. Refinancing can offer several benefits, but it also can have a few drawbacks.          

Pros of Refinancing:

1. Lower the current interest rate: Refinancing can help you take advantage of lower rates and save thousands of dollars over the life of the loan.
2. Consolidate debt: Refinancing can also help with high-interest rate debts such as credit cards or student loans as well as help with any home improvements.
3. Change in loan terms: Refinancing can also help change the term of the current mortgage, such as the length of the loan or getting out of an adjustable-rate mortgage into a more secure fixed-rate mortgage.

Cons of Refinancing:

1. Closing costs: Refinancing typically involves closing costs and these costs can add up and offset the savings you get from refinancing.
2. Long-term costs: Refinancing can also extend the term of your loan, which means it may take you longer to pay it off.

Make sure to call one of our experienced loan officers so they can help you make the right decision when choosing to refinance.