With mortgage interest rates under 4% and an array of new, streamlined programs, refinancing has never been easier than right now. By replacing your original mortgage with a new, more cost-effective loan, you can lower—and lock in—your interest rate, improve your term, reduce your monthly mortgage payments, and save thousands of dollars over the life of your loan. And, depending on the value of your property, refinancing may also help you access equity for cash and even pay off your home earlier than you originally anticipated.

“There used to be a belief that refinancing only made sense if you could recoup the costs of your loan within two years,” says Matt Helling, Vice-President of Sales and Operations at Cambria® Mortgage™. “But with the numerous no-closing-cost options, that rule may no longer apply.”

Even if your original mortgage is with another lender, you can refinance with Cambria Mortgage and receive expert advice and personal, hometown service with impeccable attention to detail at every step of the process. Here’s a brief overview of popular refinance options. Your Cambria Mortgage loan officer can help you determine which is best for your financial situation.

A Rate and Term Refinance is a great way to improve your existing mortgage. You can lower your interest rate, potentially saving hundreds of dollars every month. Or, alter the term of your loan (from 30-year to 15-year, for example), potentially saving thousands of dollars over the life of your loan.

A Cash-Out Refinance allows you to refinance your mortgage and access the equity as cash. This can be a cost-effective way to purchase a second home, fund a home renovation project, reduce credit card or other debt, pay for college, or buy a car or other major purchase.

If you have an existing FHA home loan, you may be eligible for a FHA Streamline Refinance. This innovative program may allow you to lower your interest rate. Unlike cash-out refinances, this program does not allow you to remove any equity from your home.

If you have a mortgage backed by Fannie Mae or Freddie Mac, you may be eligible for the Home Affordable Refinance Program (HARP). Originally developed in 2009 to help homeowners who are underwater or nearly underwater refinance their mortgages, HARP enables you to lower your interest rate and improve the stability of your loan by moving from an adjustable-rate mortgage to a fixed-rate mortgage. HARP ends in December 2015, so if you’re interested, talk to a Cambria Mortgage loan officer now.

Your Cambria Mortgage loan officer can help you navigate through all of the options available determining what type of loan option is right for you. As an added bonus, your new loan may be tax deductible. Once you’re approved for a new mortgage, Cambria Mortgage will pay off your first loan, create a new mortgage, and you’re good to go!