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There are many ways to refinance your current home loan, whether your goal is a lower monthly payment or equity cash-out. The mortgage team at Town and Country Bank and Peoples Prosperity Bank is happy to discuss your refinancing options and find a solution that puts money back in your pocket.

How Does Refinancing Work?

When you refinance your home mortgage loan, you essentially pay off the old loan and open a new one. As with any new loan, you’ll have fees associated with applying for and closing on a new mortgage. Many times, we can wrap those fees into a new loan. In order to take full advantage of refinancing, experts suggest that you intend to remain in your home for at least three more years and your new interest rate be at least 1 percentage point lower than your old rate.

Types of Refinancing

Depending on your current mortgage situation and your objective, you’ll want to choose from two different types of mortgage loan refinancing.

Rate and Term Refinancing: If you’re looking for a lower interest rate or a shorter loan term, rate and term refinancing is for you. We can pay off your existing mortgage and roll the closing fees into the new loan at the current rate and loan term.

Cash-Out Refinancing: If your home’s market value exceeds the amount you owe on your current home loan, you’ve built home equity. You may be able to utilize some of that equity for home improvements, consolidation, or other purposes.

Benefits of Refinancing

Refinancing your home mortgage loan is a great way to benefit from current market conditions. If interest rates have fallen or home prices have skyrocketed in your area, you don’t have to feel stuck in your old loan. The mortgage team at Town and Country Bank and Peoples Prosperity Bank will sit down and walk through all of your refinancing options in order to find the best fit for your needs.

Why Choose Town and Country Bank Mortgage Services?

Town and Country Banc Mortgage Services, a division of Town and Country Bank and Peoples Prosperity Bank, is consistently among the top housing lenders in our market. That makes us the best bank to refinance your home mortgage. Locally owned and operated, we treat our clients like family and are able to originate loans in all states except California, Texas, New York, and Connecticut. Request a consultation with one of our mortgage lenders or apply online today (include hyperlink).

We Can Help!

Town and Country Bank and Peoples Prosperity Bank serve and empower local communities in Central Illinois and Metro East, one person at a time. Request a consultation with our local mortgage team or visit a local office today. Our friendly and attentive staff welcomes you to any of our branch locations in Springfield, Buffalo, Jacksonville, Lincoln, Decatur, Mt. Zion, Edwardsville, Fairview Heights, and Quincy, and our loan production office in Bloomington.