Central Bank of St. Louis

  • a homeowner refinancing their home loan
Mortgage Center > Refinance Your Home

  • Refinance Your Home

    Explore your options and homeownership goals to determine if refinancing your mortgage is right for you.

    Before making your decision, come see us. We will sit down with you and provide the tools you need to make refinancing your home as successful and beneficial as possible for both you and your wallet.

    There are several reasons you might want to refinance your home.

    • Lower your monthly payments
    • Pay off your mortgage faster
    • Reduce interest rates
    • Get to a fixed interest rate

  • Refinance Your Home

    Lower Your Monthly Payment
    		 Sign up for our rate watch to monitor current interest rates and look for opportunities to lower your monthly payment. With a lower interest rate, you’ll not only lower your monthly payment, but you’ll also pay less over the life of your loan. This will free up funds to use for retirement, savings, paying off debt or other financial goals.
    Pay Off Your Mortgage Faster
    		 If you refinance your home loan to a shorter-term mortgage, you could reduce the overall cost of interest and make fewer payments over the life of your loan. Depending upon your financial situation, it may make sense to pay a higher monthly payment; however, you would pay off your loan more quickly and be able to focus on other financial goals like saving for retirement. We recommend that you visit with a mortgage loan officer and your tax professional to see if refinancing to a shorter term loan makes sense for you.
    Reduce Your Interest Rate
    		 If you have an Adjustable-Rate Mortgage (ARM), you may want to refinance to get a reduced interest rate, especially if you want to have the stability of an interest rate that won’t change over time. You can follow our rate watch to keep a close eye on current interest rates and receive an alert when they hit your targeted rate. A lower interest rate typically means lower monthly payments.
    Get to a Fixed Mortgage Rate
    		 An Adjustable Rate Mortgage (ARM) has a lower initial interest rate than a fixed-rate mortgage for a set period of time. It may be the right time to refinance to a fixed-rate mortgage if the market index has risen from the time of your original loan. You get the benefit of stability and protection from rising interest rates and future payment increases. We offer a variety of fixed-rate mortgages and will always work to make sure you are comfortable with the terms of your fixed-rate mortgage.

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