Happy Homeownership Month!
June kicks off the start of summer and is also recognized by the National Association of Home Builders as National Homeownership Month. Whether you are looking to purchase your first home or are exploring the unique possibilities of a home equity line of credit (HELOC), the team at First Interstate is ready to assist.
- Get prequalified for a home mortgage
- Learn more about the home buying process, including tips and checklists
- Uncover the unique benefits of a home equity line of credit
- Look into refinancing your existing home
Refinancing your home replaces your current mortgage with a new mortgage. There are two refinance options, depending on what you hope to achieve.
A traditional refinance may help decrease payments or change the term of the loan. Traditional refinances most commonly offer a lower interest rate, change the length of the loan in years, or cancel mortgage insurance premiums.
A cash-out refinance lets you take advantage of the equity in your house by replacing your existing mortgage with a new mortgage for up to a certain percent of the value of your house and receiving cash for the difference between what you owed and the new mortgage.
Home Equity Loan
A home equity loan is a fixed-term, second mortgage that allows you to borrow against the equity you’ve built in your home. Home equity loans can be used when you know the specific amount of funds needed for things like home improvements, debt consolidation, large purchases, or unexpected expenses.