Refinance Your Mortgage with Confidence
Your home. Your goals. Your future.
At Bank of Washington, we believe your mortgage should work for you. Whether you're looking to lower your monthly payment, shorten your loan term, or tap into your home’s equity, refinancing can be a smart financial move and we’re here to help you explore if it’s the right fit.
Why Refinance?
Refinancing your mortgage means replacing your current home loan with a new one, often with better terms. Homeowners refinance for a variety of reasons, including:
- Lowering your interest rate to reduce monthly payments
- Switching loan types (e.g., from an adjustable-rate to a fixed-rate mortgage)
- Shortening your loan term to pay off your home faster
- Accessing home equity for renovations, debt consolidation, or major expenses
- Removing private mortgage insurance (PMI) if your home has gained value
What Makes Refinancing Great?
Refinancing can be a powerful tool to help you:
- Save money over the life of your loan
- Gain financial flexibility with a lower monthly payment
- Build equity faster with a shorter term
And when you refinance with Bank of Washington, you’re not just getting a loan, you’re gaining a local partner who’s invested in your success.
Start with Our Refinance Calculator
Curious about how refinancing could impact your monthly payment or long-term savings? Our Refinance Calculator is a great place to start. It lets you explore hypothetical scenarios based on your current loan, interest rates, and financial goals.
For a clear picture and personalized options, chat with one of our local mortgage experts. We’ll walk through your options, answer your questions, and help you make a confident decision.
Is Refinancing Right for You?
Every homeowner’s situation is unique. That’s why our experienced lenders take the time to understand your goals and walk you through your options. We’ll help you weigh the benefits, crunch the numbers, and make a confident decision.
Let’s talk. Whether you’re ready to refinance or just exploring the idea, we’re here to guide you - no pressure, just honest advice.
Sherry Wahle
SVP, Director of Mortgage and Consumer Lending
NMLS 591834
Phillip Kleekamp
VP, Mortgage and Consumer Lender
NLMS 2124193
Frequently Asked Questions About Mortgage Refinancing
Refinancing your mortgage is a big decision and we’re here to make it easier. Below, you’ll find answers to common questions about how refinancing works, why it might be right for you, and what to expect from the process. Whether you're just starting to explore your options or ready to take the next step, our team at Bank of Washington is here to help every step of the way.
What is mortgage refinancing?
Mortgage refinancing is the process of replacing your existing home loan with a new one - typically to secure better terms, lower your interest rate, or access equity.
Why do people refinance their mortgage?
Homeowners refinance to reduce monthly payments, shorten loan terms, switch loan types, eliminate private mortgage insurance (PMI), or tap into home equity for expenses like renovations or debt consolidation.
What are the benefits of refinancing a mortgage?
Refinancing can help you save money over time, lower your monthly payment, pay off your home faster, or access funds for major life goals - all while improving your financial flexibility.
When is the right time to refinance?
The right time depends on your financial goals, current interest rates, and how long you plan to stay in your home. Our local lenders can help you evaluate if now is a smart time to refinance.
Can refinancing lower my interest rate?
Yes. If market rates are lower than your current mortgage rate, refinancing may reduce your interest rate - saving you money monthly and over the life of your loan.
How do I start the refinancing process?
Start by contacting one of our experienced mortgage lenders. We’ll review your current loan, discuss your goals, and help you decide if refinancing is the right move.
How much does it cost to refinance a mortgage?
Refinancing typically involves closing costs, which may include appraisal fees and title fees. Our team will walk you through all costs upfront - no surprises.
Can I refinance if I have less-than-perfect credit?
Yes. While credit affects your options, we work with a variety of borrowers to find solutions that fit their needs. Let’s talk about what’s possible for you.