Do You Want to Change the Terms of Your Home Loan?

5 Minute Read

If you’re a current homeowner, refinancing has probably crossed your mind a time or two. Refinancing is the process of replacing your current mortgage with a new home loan that usually has different terms. If you’re looking to change your loan terms to pay off your home quicker and build equity faster, then take a look at your refinancing options.

What Is Refinancing?

Follow these 3 simple steps on how to refinance your mortgage and get a loan you love.

Homeowner Strategy Meeting

Step 1: The first part of refinancing your current home loan is to discuss your homeownership goals with a Churchill Home Loan Specialist. We understand that your mortgage is ultimately just one piece of a larger financial puzzle, and we want to help you align your wealth strategy across all angles.

Step 2: During this meeting, we analyze the performance of your current loan and compare it to all possible savings through different loans.  You’ll get a loan comparison (completely free, by the way) with a detailed and easy-to-understand cost breakdown built with your budget in mind, and a variety of options available if you change your loan term.  

Step 3: Gather your paperwork and documents and submit to your Home Loan Specialist for review by an underwriter.

Changing Your Loan Term

Have you looked at your recent mortgage statement and got discouraged because it looks like you’ve barely made a dent in your overall payment? Because of this, many current homeowners are looking at other options to pay off their home loan quicker. Refinancing can be a great financial move if you’re looking to shorten the term (or duration) of your home loan.

Typically, interest rates are lower for a shorter loan term. Your monthly mortgage payment might go up but it’s worth it to pay a little extra each month to save thousands over time.

For example, by refinancing from a 30-year to a 15-year loan term, you’ll pay less interest over time which helps you save money! This is a great option if you’re a homeowner striving toward debt-free homeownership in your future.

Are There Other Options?

Remember, you’re in control of your mortgage so there are other options available when it comes to changing your loan term. Reach out to one of our Home Loan Specialists to see which loan term works best for your current situation.

Let Us Answer Your Questions

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Tools to Get You Started

Run the numbers to find out how much you can save by refinancing or what your mortgage payments will be for your home.
We’ve put together a toolkit with 10 easy steps to get you started and to help you know what to expect along the way.
Before you begin home shopping, get certified not just pre-approved.