Refinance

Reasons to Refinance

• Lower your mortgage rate and payment. There are no-cost and low-cost options that could save you money with little to no investment.
• Reduce your term. Take advantage of low rates to reduce the term of your Mortgage loan. Shorter terms mean lower rates.
• Convert your adjustable rate into a fixed rate. Adjustable rate mortgage (ARM) loans are a great way to ease into your payments, especially if you are a first time buyer or if you need lower payments initially. Eventually, if you decide you will stay in the home longer, you may want to consider refinancing into a long term fixed rate loan. Doing so will give you peace of mind, knowing that your rate and payment will not change for a set period of time.
• Convert your interest-only loan into a fully-amortized loan. Like ARMs, interest-only mortgage loans are a great way to minimize payments at the beginning; however, because you are not paying any principal, your loan balance does not decrease. If you plan to keep your home long term, you probably want to start paying off your loan. Often, you can refinance your interest-only mortgage loan to a 30 year fixed mortgage loan while keeping your payments about the same. Our loan officers will help you find the best solution.
• Remove mortgage insurance. If you purchased a home with less than 20% down, chances are you're paying private mortgage insurance (PMI). Refinancing will help you eliminate the extra expense if you've paid down your balance and/or have seen an increase in your home's value to a point where you have at least 20% equity in, or a loan-to-value (LTV) of 80% or less.
• Convert your 30 year loan to a shorter-term loan. Sometimes plans change and the home that you thought you were going to have for awhile turns from a permanent situation into a temporary one. If you are planning to sell sooner than you thought and no longer need a long-term rate, then you may consider converting your 30 year fixed to either an ARM or a 3/1, 5/1, or 7/1 loan program, which often have lower rates and payments
• Take cash out to consolidate your debt, make home improvements, or purchase an investment property. Whether you're paying off higher interest credit cards, student loans, or medical bills, or using the cash for a down payment on a vacation home or investment property, you can make your money work for you.

Refinance FAQs

To learn more or to apply for a home mortgage loan, submit an online
application, contact us or visit one of our branches in Oklahoma.