Refinancing

You might consider refinancing your mortgage for several reasons:

Get a lower interest rate

Generally, this is the reason most people refinance their mortgage. Interest rates may have fallen since you financed your home. By refinancing your mortgage at a lower rate, you will pay less interest over the life of your loan.

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Lower your monthly payment amount

There are two ways to lower your monthly payment. If current interest rates are comparable to your existing rate, you can refinance and lower your mortgage payments by extending the term of your mortgage. If interest rates drop, you can refinance with your existing term, but at a lower rate. This will also lower your monthly payment amount.

Convert to a fixed interest rate

You may have an adjustable rate mortgage and want to switch to a fixed rate for a consistent mortgage payment each month.

Reduce your loan term

By reducing your loan term and increasing your payment amount, you build equity more quickly and may save thousands of dollars over the life of your loan.

Cash out your equity

Mortgage interest rates are often lower than consumer loans, resulting in a lower monthly payment. In addition, the interest you pay on a mortgage may be tax deductible. You can use the equity you have accumulated in your home for debt consolidation , home improvements, a new car, educational expenses or other financial needs.

Citylight Financial recognizes that every homeowner’s financial situation is different. Our expert refinance team can assist with your individual needs, whether you’re interested in a mortgage refinance home equity, or a home equity line of credit.

At City Light Financial, we can handle your refinance needs through the Internet, by phone, or by mail. You never have to leave the comfort of your home during the loan process. Our customers appreciate this level of service.

Remember, interest rates change daily - don’t delay, apply now!