A Mortgage Refinance Offers You Financial Benefits
Want to lower your mortgage loan interest rate? Reduce your monthly home loan payments?
You can do that — and more — when you refinance your mortgage with State Farm Bank®. We'll help you find the right loan and walk you through every step of the process to make it as easy as possible. It's how we help you get your mortgage refinancing to a better state.
Advantages to You
- Enjoy a better interest rate — If interest rates have fallen below what you're currently paying, a mortgage refinance could reduce your interest rate and save you money.
- Reduce your monthly mortgage payments — Refinancing could lower your monthly payments by lowering your interest rate, or by extending the term of your loan.
- Own your home faster — Refinancing may decrease the term of your mortgage, letting you pay it off faster while saving on interest payments.
Things to Consider
- Refinancing cost — The refinancing costs incurred are similar to those you paid for your original mortgage.
- How old your current mortgage is — If you're well into your current mortgage, evaluate how many years of mortgage payments refinancing will add. It may not make financial sense to begin a long term mortgage if you only have a few years left on your current loan.
Submitted an Application?
Check the status of your mortgage application online.
Is a Home Equity Loan a Better Option?
A home equity loan may be a suitable alternative to refinancing your mortgage.
State Farm Bank, F.S.B., Bloomington, Illinois ("Bank"), is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com® or by contacting the Bank at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services. To apply for a Bank product, you may also see your participating State Farm Agent.