There are many reasons why refinancing your home loan makes sense - opportunity to obtain a lower interest rate; chance to shorten the term of your mortgage; desire to convert from an adjustable rate mortgage to a fixed-rate mortgage or vice versa; opportunity to tap into your home's equity in order to finance a large purchase; and desire to consolidate debt.
Quick Home Refi
May be ideal if you:
Want to pay off your home in a short period of time
Tax benefits - Take advantage of tax benefits that come from consolidating other debts into your home loan(s); include your auto loans and other installment debts into your mortgage loan payment so that the interest paid may be tax-deductible.
Convenience - Combining your first and second home loans (and possibly other loans) into one payment saves you time and effort. And sometimes, a new, single home loan can reduce your overall interest rate.
Lock in a fixed rate - If you currently have an Adjustable Rate Mortgage (ARM), it may make sense to switch to a fixed rate mortgage to protect yourself against future increase. This usually makes good sense if you plan to own your home for more than a couple of years.
Eliminate Private Mortgage Insurance (PMI) - Many homes have appreciated in value over the last couple of years so if you now are paying monthly mortgage insurance, a refinance could eliminate this cost and reduce your monthly payments.
Lower monthly payments - Reduce your existing interest rate or extend your loan term to reduce your monthly payment.
Tap into your existing home’s equity - This may make sense if you’re planning on remodeling your existing home, need cash for your college age child, or can now afford to treat yourself to a vacation.
Mortgage Calculators
Put our calculators to work to help you determine your best course of action.
Related Services
Other products and services offered by Old National.
Subject to credit approval. Property insurance required.
Limited time offer. Rates, terms and conditions effective as of 6/7/17. Subject to credit approval. Other restrictions may apply, see bank for details. Available on first mortgage refinance transactions with 80% maximum loan to value. Property insurance required. Based on a $100,000 loan, 180 months, rate/APR of 3.875%/3.922%, $299 closing costs and $736 payment on primary residence. Additional costs may apply if escrow and/or title insurance is required.
