Refinancing Your Home

Refinancing Your Home

Mortgage refinancing can help you save money, increase your cash flow, or pay off debt. Whatever your reasons for needing a refinancing loan, Standard Lenders is ready to help. Let us help you find the best refinancing solution for your financial needs.

What is Mortgage Refinancing?

Mortgage refinancing basically means taking out a new home loan to pay off your existing one. This new mortgage will have a different principal, interest rate, and terms. The loan can also be from a different lender than the one you originally borrowed from. When done carefully, refinancing your home can have many financial advantages.

You can refinance to get a lower interest rate, shorten the term of your mortgage, or tap into home equity to raise more cash. Since traditional refinancing can cost you between 3% to 6% of a loan’s principal, it’s important to make sure that the new mortgage is a wise financial decision. If you regret your decision, you can cancel the refinancing loan within three days of closing.

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