Refinance a Loan

Cash in on your investment. Now’s the time!

Refinancing gives you access to the equity you’ve built in your home. With a variety of options for our borrowers, Commerce Home Mortgage helps you determine whether refinancing is a smart financial move for you. As interest rates reach historic lows, now is a good time to consider refinancing your mortgage loan. Homeowners refinance for several reasons:

Lower Your Mortgage Payment. When interest rates drop, your credit improves, or the equity in your home has increased, refinancing can decrease your monthly payments when you refinance to a lower rate and build equity faster.

Consolidate Debt. Free up monthly cash by consolidating consumer debt interest to an interest-deductible mortgage loan, roll high-interest consumer debt into a lower-interest loan, and reduce monthly payments by spreading out the payments over 30 years.

Convert to a Fixed-Rate Mortgage. When you want predictable payments over the long term, switching from an adjustable-rate mortgage to a fixed-rate loan can give you the peace of mind that your payments will not increase when interest rates change. You lock in a lower rate that will not fluctuate.

Pay Off Your Mortgage Faster. When you want to take advantage of lower interest rates to build equity in your home faster, refinancing to a shorter-term mortgage can be an attractive choice. When you change from a 30-year mortgage to a 15-year mortgage, for example, you reduce total interest costs by paying off the loan sooner and save money over the long term, though your monthly principal payments may be higher.

Get Cash Out of Your Property. There are many reasons to choose cash-out refinancing, like using the equity you’ve built in your property to make home improvements, pay for a child’s education, or pay off unexpected medical bills.

Refi Loans We Offer

Conventional

“I want to get cash from my home equity.”
View Conventional Loans

FHA and VA

“I want to reduce my costs.”
View 203b Loans


“I’m a military veteran or in active service and want to refinance.”
View VA IRRL Loans

Ready to Refinance?

The Refinancing Process

Refinancing doesn’t have to be stressful. We’ll walk you through the process.

1. Decide

Talk to your mortgage advisor to determine whether refinancing makes sense for you. Consider whether the payoff justifies the costs, long-term financial impacts, and payback period.

2. Apply

Gather documents and submit your application. Then we’ll order an appraisal and analyze your credit, income, and assets.

3. Await Underwriting

You may be asked for more information while your file is being underwritten. Communicate with your Commerce Home Mortgage advisor for updates.

4. Close

It’s official! Soon after signing the loan documents, you’ll receive your funds.

Ready to Refinance?