Home Refinancing
Get More From Your Mortgage
Refinancing replaces your existing mortgage with a new loan, often with better terms, a lower rate, or access to your home's equity. Whether you want to lower your monthly payment, pay off your loan faster, or tap into cash for home improvements or other needs, Portage Bank can craft a refinance solution that works for you.
Equal Housing Lender - Member FDIC
NMLS #1831756
Reasons to Refinance
Secure a lower interest rate and reduce your total loan cost
Lower your monthly payment and free up cash flow
Shorten your loan term and build equity faster
Switch from an adjustable-rate to a fixed-rate mortgage for more stability
Cash-out refinance to access your home equity for major expenses
Consolidate high-interest debt into a single lower-rate loan
Remove mortgage insurance once you've built sufficient equity for conventional loans.*
*Note: FHA MIP removal depends on loan origination date, term, and down payment, consult a loan officer
Types of Refinancing
Get started today with your refinancing
Rate-and-Term Refinance
The most common type: you replace your current mortgage with a new one at a better rate or different term. No cash changes hands beyond closing costs.
Cash-Out Refinance
Borrow more than your current mortgage balance and receive the difference in cash. A great option if you need funds for home improvements, debt consolidation, or other expenses.**
Streamline Refinance
Available for existing FHA loan holders (FHA Streamline) and existing VA loan holders (VA IRRRL — Interest Rate Reduction Refinance Loan), with reduced documentation requirements. Eligibility subject to program guidelines.
**Cash-out amounts are generally subject to a maximum combined LTV, typically 80% for conventional loans. Limits vary by loan type and are subject to underwriting guidelines. Contact a loan officer for details.
Is Now a Good Time to Refinance?
When is the right time?
A general rule of thumb: refinancing makes sense if you can lower your rate by at least 0.5–1% and you plan to stay in your home long enough to recoup the closing costs. Our loan officers can run the numbers with you to see if it makes sense for your situation. Note, closing cost recoupment timelines vary.
Start Your Refinance Today
Talk to a Portage loan officer to find out how much you could save by refinancing. We'll give you a clear picture of your options with no obligation.
Benefits of choosing Portage
Customization
We work with you to tailor loans to your specific needs and budget.
Ease
Our competitive rates, variety of options, and helpful approach make getting the right loan easy.
Relationships
We’re here to build a lasting partnership and find the best way to help you reach your goals.
Disclosures:
All loans subject to credit approval. Rates, terms, and conditions subject to change. [NMLS #1831756]Cash-out refinance proceeds used for purposes other than home improvements may have different tax implications. Consult a qualified tax advisor for your specific situation.You have the right to receive a copy of any appraisal used in connection with your loan application.For refinances of your primary residence, you have the right to cancel within three business days of closing.Some loans may be subject to additional high-cost loan requirements under Washington State law.Loan officers are licensed by the Washington State Department of Financial Institutions. Visit nmlsconsumeraccess.org.We are committed to fair lending. We do not discriminate on the basis of race, color, religion, national origin, sex, familial status, disability, age, or any other characteristic protected by law.