Refinance Loans in Arizona
When you refinance your Arizona mortgage, you take out a new loan to fulfill commitments on an existing loan. In other words, mortgage refinance or home loan refinance takes out an additional loan on a property, and this loan then replaces the previous loan or loans on the home. MC&I offers mortgage refinance loans with competitive rates and terms throughout Arizona, including cities like Tucson, Scottsdale, Phoenix, and Flagstaff. On this page, we’ll explore some of the most compelling reasons to pursue refinancing, and we’ll discuss what borrowers must consider before deciding to refinance.
Reasons to Refinance
Lower interest rates and loan term extensions are the most popular reasons for refinancing. A mortgage loan with a lower interest rate and/or longer term will translate into lower monthly payments for borrowers. Homeowners may also refinance for the following reasons:
Liquidating equity
into cash
This option is also known as cash-out refinancing
Cost savings
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate loan can reduce monthly payments
Cash-Out Refinancing
Cash-out refinance provides funds commensurate with the value of the equity pledged. Arizona borrowers can use cash-out refinancing for a variety of major expenses, including:
Before You Refinance
Before you decide to refinance, you should consult with an MC&I loan expert to discuss the best borrowing option for your circumstances. You should also search for loan quotes, compare interest rates, and use our online mortgage calculator to determine if refinancing makes financial sense for you. Here are a few things you should consider before you refinance your Arizona mortgage: