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7 Reasons For Refinancing A Home

Refinancing a home is a big step, but done for the right reasons and at the right time, it may save you some serious money. Let M&T Bank help you decide if now is the right time. You can get started by utilizing our easy loan wizard to explore products, rates and payments, talk to one of our experts to learn more or get pre-approved now.

Say "HELLO" To Better Terms

Changing your mortgage terms can help you achieve a number of objectives. For instance, increasing your term may lower your monthly payment and free up some cash for more immediate needs. Or, shortening your term may save you interest costs over the life of the loan while building equity faster. You can even set up a mortgage term that expires when you retire – how does a mortgage-free retirement sound?

Is A Lower Interest Rate Calling?

As markets fluctuate, so do interest rates. You may have purchased your home when interest rates were high. By refinancing with a lower interest rate, you can save a significant amount of cash on your monthly payments. Talk with an M&T Bank refinancing expert and learn if you could benefit from refinancing.

Put More Cha-Ching In Your Wallet

Don't let debt bring your home-owning mojo down. Paying off high-interest rate credit cards, auto loans or personal bills with one low interest rate mortgage from M&T Bank may help free up some monthly cash flow. We can't tell you what to do with these savings but may we suggest shortening your mortgage term or paying more towards your principal?

To Arm Or Not To Arm

We get it: Life is unpredictable, which is why we're so flexible. Maybe an adjustable rate mortgage (ARM) made sense when you first bought your house, but now you need something more stable. Or, maybe there is change in the forecast and converting from a fixed-rate loan to an ARM might make sense. Either way – fixed or ARM – M&T Bank can help.

Free Up Some Cash

Buying a home makes sense for a lot of reasons. One of the best is the equity you may accumulate. Invest some of that equity by funding a new business, starting a remodel project or a college savings plan – whatever the purpose may be, refinancing a home can be a great way to access some cash.

Say "SEE YA" To Mortgage Insurance

Mortgage insurance may have helped you get in to your dream home. Since then, your equity may have grown. So what's mortgage insurance doing for you now? Refinancing may free you up from monthly mortgage insurance payments and put that extra money in your pocket. As always, we can't tell you what to do with these savings but we may have some ideas. Connect with a refinance expert to learn more.

Roll With Whatever Comes

Changes in your life or career may have altered your home-ownership plans. Is a little one on the way? Higher-then-expected college costs looming? A career change? Retirement? Sometimes life can be hard to predict. M&T Bank understands shifting priorities, and we will help you determine if refinancing your home loan is the right course of action.