Lower Your Interest Rate & Monthly Payment: Locking in a lower interest rate can save you thousands of dollars over the life of your loan. A lower interest rate also means a lower monthly payment, allowing you to pay off higher interest rate debt, add to your savings account or put more toward retirement.

Pay Off Your Home Early: Reducing your repayment term not only saves interest, but can also help you pay off your loan faster.

Lock in a Fixed Interest Rate: Refinancing from an adjustable rate mortgage (ARM) to a fixed rate can help avoid an increase in monthly payment and interest paid.

Access to Cash: Equity is built through payments, increases in home value, or a combination of both. This money can be used for a variety of purposes - home improvement or repairs, pay off high interest debt or pay for large expenses such as medical bills, legal expenses and college tuition.

Remove Private Mortgage Insurance (PMI):
Refinancing your mortgage can provide an opportunity to eliminate this cost. This is possible for borrowers whose LTV drops below 80% due to a decrease in loan balance, an increase in home value, or a combination of both.