Home Refinance FAQs
One of the most popular reasons to refinance is to lower your rate. Plus, if you’ve been making mortgage payments for a while and you have built up equity in your home since you bought it, you may be eligible to refinance and eliminate your mortgage insurance premium payments.
A decision to refinance should be carefully considered and discussed with an Ark Mortgage advisor. Any closing fees are normally added into the cost of the loan, so there’s rarely any upfront cost except for the appraisal. And if you originally financed your property through us, our Lifetime Guarantee ensures your application and commitment fees will be waived and your appraisal cost reimbursed—a savings of up to $2,500!
Calculate your potential new monthly mortgage payment in seconds with this handy calculator, so you can make sure that you have enough money left over each month for your other expenses. Choose your rate and term—you might be surprised to see how affordable it is to own your home in less time than you thought. See how much interest you’ll pay over the life of the loan, and enter prepayment amounts to calculate their impact on your mortgage.