Refinancing your current home may be able to help you restructure your debt and achieve your financial goals. Before you begin, it's important to consider why you want to refinance your mortgage in the first place. Refinancing—for the right reason, with a good rate and a suitable term—can enhance your financial position. With a home refinance solution from WesBanco you could:
Lower your payment through an extended term or reduced rate.
Cancel Private Mortgage Insurance (PMI).
Consolidate debt to simplify your finances.
Borrow from your home's equity to pay for tuition or home improvements.
Restructure assets to buy that vacation home at the beach you have dreamed about.
Refinancing allows you to exchange your current mortgage for a new loan that better aligns with your circumstances. Your home is the most powerful asset you own, and at WesBanco, we can help you refinance your home loan to meet the changing financial needs of your life.
WesBanco offers a variety of options to refinance your mortgage including:
Fixed-rate refinance loans
Adjustable-rate refinance loans
FHA and VA refinance loans
Benefits and Considerations When Refinancing Your Home
Choosing to refinance your mortgage has many benefits, but there are a few things to consider as well. You want to make sure you understand your home's current value and new borrowing obligations.
Eliminate Private Mortgage Insurance (PMI). Low or zero down payment options may allow buyers to purchase a home with less than 20% down. However, private mortgage insurance is typically required when the loan amount exceeeds 80% of the value or purchase price, whichever is less. As the balance on a home decreases, and the value of the home itself increases, borrowers may be able to cancel their PMI with a mortgage refinance loan. The lender will decide when PMI can be removed.
Borrow a portion of the home's equity. Generally, most homes will increase in value over time, and are therefore a great resource to draw from when extra funds are needed. Refinancing, or borrowing through a home equity line of credit, allows you to draw on the value of your home for other expenditures. The funds available from the refinanced loan are yours to allocate—they could go towards home improvements, college tuition, consolidating other debt, or simply taking a much needed vacation.
Restructure payments for savings. If you have the opportunity to lock in a lower rate than your initial mortgage, you may be able to lower your monthly payments or pay off your principal more quickly.
Understand closing costs and future payments. Make sure you ask your loan officer about any fees due at the close of your new loan, and carefully review your new terms to prepare for your adjusted payment amounts.
Apply to Refinance Your Mortgage with WesBanco.
Ready to take advantage of the home loan refinance rates at WesBanco? Start the application process online or speak to one of our local home loan officers to apply for mortgage refinancing.