Save more.
Sleep better.
A penny saved is a penny earned. Whatever your goals are, we can help make it happen.
It's your mortgage. use it how you want.
Take cash out
Start leveraging your investment to make smarter use of the equity in your house.
Lower your payment
A lower payment can improve your financial security if you are an established homeowner.
Shorten loan term
Save money by refinancing to a shorter term so that you can pay off your mortgage sooner.
Reasons to refinance
Refinancing your home can be a big decision.
Imagine a simple, clear, fast and free way to find out exactly how much you can save and get the resources you need.
At Canopy Mortgage, LLC, we help you get a better understanding of how much you could save in under 30 seconds.
Benefits of Refinancing
When interest rates fall, it is often a good time to refinance. However, in addition to financial savings, there are a number of other advantages to replacing your old mortgage with a new one. Here are five advantages to refinancing your mortgage.
Lower Rate and Payment
When you lock in a lower interest rate, you could potentially save thousands of dollars over the life of your loan. In many cases, a lower interest rate translates into a lower monthly mortgage payment. This interest savings could be used to pay off other high-interest debt, add to your savings account, or contribute more money to your retirement account.
Early Payoff
By refinancing, some borrowers are able to shorten the term of their loan. If you’ve had your loan for a while, a drop in interest rates may allow you to switch from a 30-year loan to a 20-year loan with no significant change in monthly mortgage payments. You may benefit from a lower interest expense because the loan is paid off in a shorter period of time.
Lock a Lower Rate
Borrowers with adjustable rate mortgages (ARMs) will frequently replace them with new fixed-rate loans. This is especially true if an interest rate adjustment period is approaching and you can obtain a lower fixed rate by refinancing your existing loan.
Home Improvements
Mortgage payments, increases in home values, or a combination of the two contribute to the accumulation of home equity. You can use a cash-out refinance as a borrower to access the equity you’ve built up. This money can be used for a variety of purposes, including financing home improvements or repairs, repaying high-interest debt, or covering large expenses such as medical bills, legal fees, and college tuition.
Remove PMI
With the exception of VA loans, you generally pay private mortgage insurance (PMI) as a borrower when you finance more than 80% of the value of your home. In this case, refinancing your mortgage may be an option to eliminate this expense. This option is available to borrowers whose loan-to-value (LTV) is less than 80% due to a lower loan amount, increased home value, or both.
