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KeyBank Mortgage

Refinancing Your Mortgage

With interest rates changing so frequently, you should periodically determine whether refinancing your mortgage at current interest rates would save you money

Benefits of Home Mortgage Refinancing

  • You may be able to lower your monthly payment if you refinance at an interest rate lower than what you are paying on your existing mortgage
  • You may be able to change the term of your mortgage to lower your payment, or possibly payoff your mortgage faster
  • If you have an adjustable rate mortgage or balloon loan, you may want to consider refinancing into a fixed rate mortgage. Your interest rate and term will be fixed, making payments and budgeting more predictable

Other Considerations

  • You may need to stay in your home for a number of years in order to realize the potential savings of mortgage refinancing
  • Read your current mortgage documents to determine if you will have a pre-payment penalty to pay on your current loan
  • Consult your tax advisor because there may be tax implications to consider with mortgage refinancing
  • Determine any fees or charges that you may be responsible for paying if you refinance your mortgage. These may include but are not limited to the following: application, recording, title, mortgage tax settlement, tax service, and processing fees

We can help you take the next step

We can help you determine whether mortgage refinancing will save you money. To learn more about the advantages of KeyBank Mortgage®, home equity mortgage refinancing, loans, and more, please contact us. Your session includes a consultation to determine what type of loan you could qualify for.