Refinance and Start Saving

Refinancing your home is a big decision, but you don't have to navigate it alone. Whether you're aiming to lower your monthly payment, shorten your loan term, or unlock the equity in your home, Horizon Bank is here to make refinancing straightforward, stress-free, and easy to understand.

Apply for a mortgage with Horizon

 

Check mortgage Rates

 

Find a mortgage advisor

Is now the right time to refinance?

 

Reasons to Refinance

  • Lower your monthly mortgage payments
  • Eliminate Private Mortgage Insurance (PMI) 
  • Pay less interest over the life of your loan
  • Consolidate your debt
  • Reduce your term to pay off your loan faster
  • Access cash from the equity in your home for projects such as home improvements

 

Learn more about refinancing

7 Questions to Ask Before Refinancing

Couple on back porch

For many homeowners, refinancing can be a smart move. However, before you decide to refinance your mortgage, ask yourself the following:

1. What are my goals for refinancing? Are you trying to lower your total monthly payment? Pay off your mortgage sooner? Get access to accumulated equity? Your goals will help you determine what terms and interest rate to look for.

2. What's the value of my home? You can find out approximately what your home is worth by checking out the sale prices of comparable homes in your neighborhood.

3. What is my equity? Check your latest mortgage loan statement to find your outstanding balance. Subtract the outstanding balance from your home's current value. For example, if you owe $250,000 on a home worth $300,000, you have $50,000 in equity. (You may have a harder time refinancing if, due to economic pressures, your home is worth less than the amount you owe.)

4. Do I have other liens against my home? If you have a home equity loan or line of credit, the outstanding balance will be deducted from your equity.

5. How long do I plan to stay in my home? If you expect to stay in your home for at least several more years, refinancing may make sense. If you plan to move soon, you may not have time to recoup the costs involved in refinancing the mortgage.

6. What are the current interest rates? Generally speaking, you may want to consider refinancing if you can get an interest rate at least 2% below your original loan rate. However, you may also want to refinance if you have an adjustable-rate loan, are concerned about future rate increases and want to switch to a fixed-rate loan – even if the new rate is the same or slightly higher. You can estimate your monthly payments and interest charges using the mortgage calculators at www.horizonbank.com.

7. What fees are involved in refinancing? Find out about closing fees, appraisal fees, etc.

Contact a mortgage loan officer at Horizon Bank who can help you review your options and determine whether refinancing makes sense for you or call 888-873-2640 for a branch near you.

The web site you have selected is an external site not operated by Horizon Bank. This link is provided for convenience and informational purposes only and Horizon does not endorse and is not responsible for the content links, privacy policy or security policy of this website or app you are about to visit.  Horizon Bank is not responsible for (and does not provide) any products, services or content for this third-party site or app, except for products and services that explicitly carry the Horizon Bank name. Click Proceed to continue or Cancel to go back.