Beginning Friday, October 23 at 8:00 PM through mid-day Saturday, October 24, we will be completing our annual systems upgrade. During this time, some features of Bangor Online, The Bangor Savings Bank app, and Phone Banking may be temporarily unavailable and account balances will not reflect new activity until the upgrade is complete. We appreciate your patience as we complete this routine annual update.
Knowing what's available and when to refinance is the first step1
Rates matter, but so do your long-term goals. Refinancing is about creating a mortgage strategy that supports your future. Understanding the bigger picture ensures that you make the right decisions for you and your situation.
Why refinance?
There are various reasons why refinancing your current home may make sense. Here are some examples:
Lower your interest rate and/or monthly payment
Shorten your term and potentially save on interest paid over the life of the loan
Consolidate your existing debt
Switch from an adjustable rate to a fixed rate
Access home equity for home improvements or cash-out
Life changing events (i.e., removing or adding a co-borrower)
How it works
Contact your local Mortgage Loan Officer to discuss your goals and explore the best option for your situation.
Review key factors such as:
Loan purpose to determine your goals and reason for refinancing
Review your current loan program and interest rate to identify options aligned with your goals
Home value to determine the available equity in your home
Credit score to determine eligibility and pricing
Loan term to choose a shorter or longer repayment period
Thinking about refinancing? Our knowledgeable mortgage team at Bangor Savings Bank can walk you through your options and help you decide if it’s the best fit for your goals.