Refinancing your Mortgage
Why consider refinancing my mortgage?
Right now, rates are at all-time lows. If you’re looking to lower your payments or pay off your loan sooner, then it might be time for you to consider refinancing. Refinancing may increase available funds if your monthly loan payment decreases with a lower interest rate. With a lower payment, you can use extra funds for retirement savings, paying other debts, saving money for college, or other purposes.
Is refinancing right for me?
In general, if you can make up your closing costs within two years, refinancing could be a good idea. Loan value and current interest rate are the primary factors in the equation.
Of course, rates do fluctuate. If you're looking for a particular interest rate, your window of opportunity can be as little as a couple of hours.
Still have questions?
Contact us today, and we will evaluate the benefits of refinancing based on your current mortgage. Also, take advantage of our mortgage calculator below to see what kind of options you may have.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended as a solicitation for any credit product or to provide credit advice. Calculators and input options are intended solely for general information and educational purposes. Calculations are hypothetical, and based on information and assumptions provided by you. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. You should not take any action on the basis of the information provided through this calculator. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
How to use this calculator
Enter your refinance loan details, including the appraised value of your home, loan amount, terms, and interest rate. If you haven’t met with an appraiser, look online for comparable homes in your area to get an idea of your home’s current value.
Taxes & insurance:
Select your average yearly property tax and homeowner’s insurance. Refinancing your home should not cause a change in your current property tax or homeowner’s insurance.
The origination charge is generally between 0.5% and 1% of your mortgage loan, but check with your mortgage specialist to confirm.
Other settlement services:
These are fees paid for services associated with the purchase of a home that do not represent compensation to the lender and/or broker for originating the loan. A mortgage specialist will help you identify the average cost for these services.
Details you need to make a smart decision
All loans subject to program eligibility, collateral and underwriting requirements, and approvals, including credit approval. For Refinance Transactions: Before you apply, we encourage you to consider carefully whether refinancing your existing mortgage is the right choice for you. With cash-out refinancing, you will pay off your current home loan and create a new mortgage. You’ll keep a portion of the equity as cash that you can use for home improvements or other purposes. Most likely, your interest rate will be different than your current loan. Remember that cash-out refinancing also increases your overall level of mortgage debt. Any monthly payment reduction may come from lowering the interest rate, a longer loan term, or a combination of both. By extending the loan term, you may pay more interest over the life of the loan. You may also have additional costs from closing the transaction.
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