Refinancing Your Home
With today’s low interest rates, this could be a great time to refinance for renovations, debt consolidation or other needs. United Bank & Trust can help you refinance an existing mortgage that you have with us or another financial institution.
If interest rates have dropped since you first financed your home, or if a situation arises that requires you to adjust the term of the loan, refinancing could be your ideal solution. Below are some benefits of refinancing and other factors you may want to consider. For additional details, talk with one of our mortgage lenders; we’re always happy to find solutions together.
- More stable payments if switching from an adjustable to a fixed interest rate
- Decreased monthly payments if a lower interest rate is available or a longer term is desired
- A quicker payoff if the term is shortened
- Consolidation of debt with a single loan and payment
- Immediate cash gained if refinancing to a higher loan amount
Factors to consider before refinancing:
- Your credit history
- Any closing and transaction fees that may apply
- How long you've had your existing loan
- If you are subject to incur any penalties