Fairway Independent Mortgage Home Refinancing in Lancaster County

We can walk you through all your options and help you make a sound financial decision tailored to your specific needs!

You already have a mortgage—now it’s time to think about refinance loans and how that plays into your future financial goals. Luckily, there are a host of benefits to refinancing your home in Lancaster, and we’ll help get you competitive rates you can feel confident about. 

Get a Fixed Interest Rate

Switching to a fixed-rate mortgage through refinancing can provide unparalleled peace of mind and financial stability for homeowners. Unlike adjustable rates, which can fluctuate with the market, a fixed rate remains constant throughout the duration of your loan. This means your monthly mortgage payments are predictable, making it easier to budget and plan for the future.

Access Your Home’s Equity

Accessing your home’s equity through refinancing can be a strategic financial move, allowing you to utilize the value you've built in your property for various purposes. Whether you're looking to consolidate debt, finance home improvements, or cover major expenses, our cash-out refinancing options provide a flexible solution. 

By replacing your existing mortgage with a new loan for more than you owe, you can access the difference in cash. 

Lower Your Monthly Payments

Another possible option when refinancing is lower monthly payments if you’re able to secure a lower interest rate or change the terms and conditions of the mortgage. Changing the terms of your mortgage, such as extending the loan duration, can also result in more manageable monthly payments, though it's important to consider how this might impact the total interest paid over the life of the loan. We can assist with this analysis.

Refinancing your mortgage can also be a good approach to eliminate Private Mortgage Insurance (PMI), which is typically required for homeowners who put down less than 20% of the home's purchase price. However, as you build equity in your home, refinancing can offer an avenue to remove this additional expense. 

We can evaluate your current loan-to-value ratio and determine if you've built enough equity to qualify for refinancing without PMI. 

While refinancing your home loan has many advantages, it's important to consider the potential drawbacks before making a decision. One of the main considerations is the cost associated with refinancing, including fees for loan application, appraisal, title search, and closing expenses, which may offset the financial benefits if not properly evaluated.

We at Fairway will work with you to explore your options, helping you decide on the refinancing plan that best suits your needs and lifestyle.

Possible Higher Interest Rates

With higher interest rates available today, it's possible your interest rate could go up. However, since you can refinance to a lower amount, it's still possible to lower your monthly payment.

It Could Take You Longer to Pay Off Your Home

It’s essential to consider the impact of refinancing on the timeline of your mortgage. Opting for a lower interest rate or decreased monthly payments often comes with the trade-off of extending the length of your loan. This means that it could take you longer to pay off your home.

Refinancing Fees

Understanding the range of fees associated with refinancing is key in evaluating if this financial move is right for you. At Fairway, we believe in transparency, ensuring our clients are fully informed of potential costs upfront, including application fees, title fees, appraisal fees, and closing costs.