All BMO Harris branch location ATMs are also available free of charge to Park Bank customers!
Pay off an existing mortgage with a new loan that lowers your payments or reduces the term. Which option you choose depends on the use of your property, the loan amount, how long you plan to keep the property and other factors. As always, don’t hesitate to give us a call to discuss all options available.
Prime Refinancing Conditions:
Lower mortgage rates - when mortgage rates drop is an ideal time to look at refinancing possibly resulting in a lower monthly payment or shortening your repayment term
Home value rises - when your home's value rises, refinancing can help take advantage of the equity you have in your home
Types of Loans to Consider:
Conventional Fixed Rate Loan - provides a fixed principal and interest payment over the term of the loan
Conventional ARM (Adjustable Rate Mortgage) - offers lower initial payments, a consideration if you anticipate a move within three to ten years
Jumbo Fixed Loan - a fixed principal and interest option for loans greater than $484,350
Jumbo ARM (Adjustable Rate Mortgage) - again, for loans greater than $484,350, offering lower initial payment and a consideration if you anticipate a move within three to ten years