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Mortgage Refinance

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Are you looking for a smooth, local mortgage refinance experience? First National Bank and Trust (FNBT) is a family-focused community bank headquartered in Beloit, WI, and serving communities throughout Northern Illinois and Southern Wisconsin. FNBT has branch locations in Beloit, Clinton, Delavan, Darien, Elkhorn, Argyle, Williams Bay, Roscoe, Rockton, Janesville, Monroe, Walworth, and Winnebago.
When you apply for a home loan refinance with us, decisions are made in-house, and we're committed to providing you with the highest level of customer service. If you’d like to get an idea of how much you can afford to borrow or what your mortgage payments might be, check out our home loan calculators. Got 15 minutes? We can get you qualified now!

What is a Mortgage Refinance?

When you refinance your mortgage, you apply for a new home loan to replace your current one. You can borrow the same amount you currently owe if you’re looking to lower your interest rate or switch mortgage loan programs. Depending on how much equity you have in your home, you may be able to borrow more than the payoff amount for your current mortgage–this is known as a cash-out refinance.

How Does Mortgage Refinance Work?

The mortgage refinance process is fairly simple. The first step is to complete an application, providing basic personal and financial information, similar to when you applied for your original mortgage. Upon approval, you may be able to lock your interest rate. Your mortgage refinance will go through the underwriting process, which may include an appraisal of your home’s current market value. Once that is complete, you will close on your new mortgage loan, which can sometimes be faster than closing on your original mortgage loan.

 Mortgage Refinance Options

Refinancing your mortgage gives you the opportunity to change conditions of your loan, as well as convert some of your equity to cash if you wish. Your mortgage refinance options include:
  • Interest Rate: If average interest rates are lower than when you first obtained a mortgage, or if your credit score has improved, you can save money.
  • Switch Loans: You can switch from an adjustable-rate mortgage (ARM loan) to a fixed rate or vice versa. You can also refinance out of a government-insured home loan, such as an FHA mortgage, into a conventional mortgage.
  • Term: You may want to refinance into a shorter loan term to save money on interest and pay off your mortgage faster. On the other hand, extending your loan term will lower your monthly payment amount
  • Cash-out: A cash-out refinance lets you borrow money to be used for a variety of purposes such as renovation projects, college education, debt consolidation, and more. The cash amount is the difference between your current mortgage balance and the amount of the new loan.

When To Refinance

Many homeowners refinance when mortgage rates go down but a refinance loan can be right for you at any time, depending on how it will improve your financial situation. There may be circumstances when refinancing isn’t in your best interest and our qualified professionals will guide you toward better options if that's the case. 

Apply Now For A Mortgage Refinance!

Home is where dreams are made. Ready to apply for a home loan refinance? Check our current mortgage rates, find a Loan Originator near you, or Apply Now to get started!