At Rally we know that the Home Loan process can seem intimidating, so we would like to uncomplicate things and provide answers to some questions you might have. So, whether you’re buying a home, looking to refinance your current home, or ready to tackle that remodel- but don’t know where to start… we are here to help you every step of the way! Each week we would like to feature a product, service or even a "mortgage term" and help our members understand what everything means, when they are ready for that home loan.

With that being said, this week our Product Feature is "Home Loan- Refinance"

Looking for lower monthly payments? Wish your mortgage had a lower interest rate? Want to consolidate your debt? Want to pay off your loan faster?

If you answered "yes" to any of the above questions, then you may be ready to refinance your mortgage. Refinancing is just a fancy way to say that you'd like a new (and better) mortgage payment. It sounds simple, but there are many things to consider. Work with Rally to make sure your refinanced mortgage meets the needs of your family and aligns with your overall financial goals.

Understand the advantages:
If you purchased your current home with a high interest rate, and you have good credit history, refinancing your home to snag a lower rate could be for you. Advantages to refinancing include:

• Securing a lower interest rate.
• Locking in a lower monthly payment.
• Consolidating your debt.
• Paying off your loan faster.
• Locking in new loan terms.
• Eliminating private mortgage insurance.

Weigh the Risk:
Refinancing your home does come with risk. Not everyone looking to lower their interest payment will find success with refinancing. Discover some scenarios where you may want to avoid refinancing:

• If your breakeven point is too long.
• If the long-term savings aren't significant.
• If you can't afford the closing costs and are considering wrapping them into your monthly payment.
• If moving to an adjustable rate mortgage puts you at risk when your payment increases.

At the end of the day, it’s all about saving money. If you’ve been wondering whether a mortgage refinance makes sense for you, the next logical step is to speak with a home loan expert. Under the right circumstances, a home refinance might be just the right move to achieve a more secure financial future.

All loans and lines of credit are subject to credit application, qualification and approval. Must qualify for membership.

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