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Fulton Bank
Fulton Bank

Refinancing

Potentially lower your interest rate and monthly payments.

Your monthly mortgage payment is probably the highest item in your overall budget. If you’re looking to lower your interest rate, reduce your monthly payments, or even pay off your loan faster, our mortgage professionals can help you find the right refinancing solution for your needs.

When interest rates are low, refinancing your loan may allow you to lower your interest rate and your monthly payments. You can use the extra funds for paying down other debts, saving money for college, or invest in retirement savings.

Fixed Rate Mortgage

If you currently have an adjustable rate mortgage (ARM) or a balloon payment, reduced interest rates make a fixed rate mortgage a smart option. You’ll enjoy the stability of consistent payments for the life of the loan with loan terms between 10-30 years.1

Adjustable Rate Mortgage

Switching to an adjustable rate mortgage may be ideal if you don’t plan to own the home for a long period or you’re expecting an increase in income. With an ARM, you could start with a lower interest rate and lower monthly payments for the first few years. Your rate is set for a predetermined period, then will reset once every six months with a new rate that can be either higher or lower depending on market conditions at the time.

Cash-Out Refinance

By refinancing your loan to a lower interest rate, another option is to leverage the equity in your home to help pay for major purchases or make home improvements. This is called a cash-out refinance.

Pay Off Your Loan Faster

If interest rates have gone down since you purchased your home, you may be able to refinance your home to a shorter term loan. You’ll pay off your mortgage sooner and lock in a lower interest rate.

Your mortgage professional can help you determine your best options and make sure you are aware of any additional costs such as pre-payment penalties, application, recording, title, mortgage tax settlement, and any other processing fees.

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