Why refinance?

When you refinance, you pay off an existing mortgage with the funds from a new mortgage. The new mortgage will have a new rate and term. You may find that refinancing your mortgage lets you:


  • Lower your monthly payment
  • Use cash to remodel your home
  • Consolidate higher-interest debt
  • Shorten your term and pay off your mortgage faster
  • Refinance your FHA loan into a conventional loan

Ready to refinance?

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Ready to refinance?

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Rates are subject to change without notice.

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TTY 1-800-659-5495

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What refinance option works for you?

Fixed rate mortgage

What is it?

A fixed rate mortgage is exactly what it sounds like — the interest rate remains the same during the life of the loan.

Who’s it good for?

If you plan on staying in your home for longer than 5 years, a fixed rate mortgage is a great option. A fixed monthly payment makes budgeting easier and protects you against rate increases.

Adjustable rate mortgage

What is it?

An adjustable rate mortgage is a loan with an interest rate that fluctuates based on a publically-available interest rate index (such as Prime or LIBOR). Many adjustable rate mortgage loans have a fixed interest rate period, typically 3, 5, 7, or 10 years. After the fixed rate period has ended, your interest rate can go up or down depending on the interest rate index in effect at that time.

Who’s it good for?

An adjustable rate mortgage is a good option if you don’t plan on living in the property for the full term of the loan or if you relocate frequently. Since you don’t need a longer term loan, you may enjoy a lower rate and payment during the fixed-rate period.

Learn more at our mortgage and HELOC resource page

Ready to get started?

Whether you want to buy a home, refinance your home, apply for a home equity line of credit or construction financing, we’re ready to make your dreams a reality.

Are you going through a financial hardship?

Find out how we can help

What you might need to apply

  • Asset information
  • Employment and income history
  • Debt information
  • Social Security Number or other identification number

Legal information and Disclosures

1 Calculators are provided as a convenience. Bank of the West makes no warranties about the accuracy or completeness of the calculations.