Refinancing your mortgage is a major financial decision. Explore refinancing questions to get the answers you need with Newsweek today.
Rate-and-term refinance · Lower your rate and term. A rate-and-term refinance may help you lower your monthly mortgage payment or allow you to pay off your home sooner. Explore rate-and-term refinancing ; Cash-out refinance · Access your home’s equity · A cash-out refinance is a great way to get new mortgage terms and borrow funds for one-time expenses. Learn about cash-out refinancing
Refinancing your mortgage is a big step. Learn what questions to ask your lender as well as yourself when refinancing to make the most informed decision.
In this Guide: Can you Refinance? · Pros and Cons · Costs of Refinancing · Home Equity Loan Refinancing Options · How to Refinance · Process · Alternatives · The Bottom Line · FAQs
Ways to Refinance Your Mortgage ; Rate/term refinance2 · Take out a mortgage with more favorable terms so you can save money with a lower interest rate or a shorter loan length. Cash-out refinance2 · Take out a larger mortgage amount than you currently owe so you can access your equity in cash to use for whatever you need, from renovations and major expenses to paying off debt.
Are you deciding whether to refinance your mortgage? Review our top seven questions to ask when refinancing so you’ll be fully prepared for the process ahead.
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Refinancing Benefits ; Lower Your Interest Rate · Refinancing into a lower rate may lower your monthly payment and save you money over the life of your loan. ; Change Terms · Change the length of your loan to pay it off faster or change from a variable rate to a fixed rate. ; Consolidate Debt · When you refinance you can tap into the equity in your home to pay down debt or access the cash you need for unexpected expenses ; Take Advantage of Specialized Loans · PNC offers a variety of loan programs to suite multiple needs such as VA, FHA, Jumbo and more.