Mortgage Refinancing

Use our simple, user-friendly calculators to estimate your new monthly payments and visualize your potential savings with mortgage refinancing. 

Cash-out refinancing is a mortgage refinancing option that offers you the opportunity to leverage the equity you've built up in your home.

With cash-out refinancing, you can use the funds for a wide range of financial needs:

• Home Improvements: Invest in renovations or upgrades that can enhance your home's value, making it a more comfortable and valuable place to live.
• Debt Consolidation: Pay off high-interest debts like credit cards or personal loans to streamline your finances and potentially reduce your overall interest expenses.
• Education: Fund your or your family's education expenses, such as college tuition.
• Emergency Expenses: Cover unexpected medical bills, repairs, or other urgent financial needs.
• Investment: Use the cash to make investments that can potentially grow your wealth over time.

At First Bank and Trust Company, our experienced team of mortgage experts will guide you through the cash-out refinancing process with personalized attention and care. Speak with one of our Mortgage Bankers today to explore your options and find the best solution for your financial goals.

Fixed Rate Mortgage

A Fixed Rate Mortgage comes with no surprises. With a Fixed Rate Mortgage, your interest rate remains the same throughout the life of your loan. This means your monthly principal and interest payments stay consistent, making budgeting a breeze.

Benefits:

• Predictable Payments: You'll always know how much your monthly mortgage payment will be, making long-term financial planning more straightforward.
• Peace of Mind: Even if market interest rates rise, your rate won't budge, protecting you from higher monthly payments.

Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgages (ARMs) are a financial chameleon, adapting to changing interest rate environments. ARMs often offer lower interest rates than fixed-rate loans, making them attractive to some homebuyers.

Benefits:

• Lower Initial Rates: ARMs often have lower initial interest rates, which can result in lower initial monthly payments.
• Potential Savings: If interest rates remain stable or even decrease over time, you might save money compared to a fixed-rate mortgage.

Considerations:

• Potential Rate Increases: Be aware that your interest rate and monthly payments can rise if market rates go up during the adjustable period.
• Budgeting Challenges: The uncertainty of future interest rate adjustments can make budgeting more challenging.

If you would like to explore your mortgage options further, contact one of our experienced Mortgage Bankers to learn more.

Loan Term Adjustment is a flexible option that allows you to tailor your mortgage to better suit your financial goals. It gives you the ability to choose the duration of your mortgage term, which can have a significant impact on your monthly payments, overall interest costs, and how quickly you pay off your loan.

If you opt for a shorter loan term of 15 to 20 years, you'll experience several benefits:

• Faster Equity Building: With higher monthly payments, you'll build home equity more quickly, which can be particularly appealing if you want to own your home outright sooner.
• Lower Interest Costs: Shorter-term loans often come with lower interest rates, reducing the total interest you pay over the life of the loan.

If you choose a longer loan term, such as 30 years, your advantages will be:

• Lower Monthly Payments: Longer terms generally come with lower monthly mortgage payments, which can free up more of your monthly budget for other expenses or savings.
• Flexibility: Lower monthly payments can provide you with financial flexibility, making it easier to handle unexpected expenses or invest elsewhere.
• Easier Qualification: A longer term can make it easier to qualify for a mortgage if you're concerned about meeting higher monthly payment obligations.

The choice between a shorter or longer loan term depends on your financial situation and financial goals. Remember, there's no one-size-fits-all solution when it comes to loan terms, contact one of our Morgage Bankers to determine which could be the right fit for you.