Ready to replace the high interest rate on your home? A refinance loan is used by homeowners to do just that. Basically, the homeowner takes out a new loan on the home to replace his existing loan in light of lower interest rates. People also use refinance loans to:

• Get cash out of their homes
• Accelerate debt repayment
• Reduce monthly payment on their homes
• Remove tax liens
• Consolidate 1st and 2nd mortgages

Call one of our Bank of the Commonwealth Mortgage Loan Specialists for more information today.