Looking to refinance your current mortgage? First National Bank - Fox Valley has options for you!
There are many reasons and advantages to refinancing your current mortgage, and FNB Fox Valley is here to help. Whether you'd like to consolidate debt, lower your interest rate or take cash out for a home project, FNB Fox Valley offers several refinance product options that can meet your needs.
Rate and Term Refinance
When you are refinancing an existing mortgage for the purpose of changing the interest rate and term without advancing new money, you are doing what is called a Rate and Term Refinance. This is different from a cash-out refinance because there is no advancement of additional funds. Typically, rate and term refinances can carry a lower interest rate than cash-out refinances.
A cash-out refinance is a way for borrowers with adequate equity in their home to pay off any existing mortgages and advance additional funds in form of a new mortgage for personal use or debt consolidation. Borrowers should be aware that cash-out refinance transactions typically have a higher interest rate than rate and term refinances.
FNB Fox Valley has an extensive selection of mortgage products and programs to ensure we can service our customers' needs:
- Conventional Fixed and Adjustable Loan (Fannie Mae)
- My Community (Fannie Mae)
- VA Loans
- Home Equity Lines and Loans
- FNB Portfolio Fixed, Adjustable and Balloon Loans
You can get more information about our refinance offerings by visiting any FNB Fox Valley office, calling 920.729.6900 or emailing us today!