Is Refinancing Right For You?
Refinancing your current mortgage balance can possibly save you money by either reducing your interest rate or shortening your loan term. At Bank of Hawaii, a mortgage loan officer can help you compare loan programs that best suit your financial needs. Your home is one of your most valuable assets so if you have built up equity in your home over the years, it can be a financial reserve that you might be able to tap into if the need arises.
Many of our mortgage refinance customers find that using their home equity wisely for key purposes such as home improvement, college education or debt consolidation may make their payments more manageable since the loan’s repayment is over a number of years. This may provide financial security by leaving their cash reserves in money market or retirement accounts untouched.
Deciding whether to refinance often relates to current interest rates which fluctuates as the financial markets react to national and global economic and social news. The interest rate is not the only factor to consider when deciding whether to refinance your loan. Personal needs change over time and when there is a significant adjustment to one’s life situation, mortgage refinancing may be a course of action to consider.
As the #1 Residential Lender in the State*, the Bank of Hawaii residential team is experienced in dealing with a variety of situations. We aim to help our customers improve their financial status and reach their future goals.
How Can Bank of Hawaii Help?
- Get a free consultation over the phone or face-to-face
- Receive loan payment comparisons
- Discuss any credit issues
- Learn different ways to resolve a financial need through refinancing.
Attend one of our upcoming free Educational Seminars and learn all about financing your dream home.
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Refinancing and How to Get Started
Qualifying for the Mortgage Credit Certificate Program
Understanding your Credit Score