With mortgage rates still near historic lows and unprecedented levels of homeowner equity, now is a great time to evaluate a mortgage refinance transaction to see if you can consolidate debt, lower payments, increase monthly cash flow and/or benefit from interest savings over the life of your loan.
Before you can begin any of this, it’s important to understand what refinancing your mortgage means and what is involved.
What is refinancing?
Simply put, refinancing means replacing your current home loan with a new one. A new loan pays off your first loan, and then you start making payments on the new loan. Depending on the amount of equity in your house and the specific refinance solution, you may be able to lower the amount of time (years) on the loan to have your house paid off faster, lower your monthly payments, and/or reduce the amount of interest you pay over the life of your loan.
Should You Refinance?
You need to take into consideration things like how long you’ve been in your home, how long you plan to stay in your home, closing costs, and the goals of your refinance.
At Carter Bank & Trust, our team of experienced Mortgage Specialists are able to walk you through the process and to determine if refinancing is right for you. The easiest way to get started is to contact one of our Mortgage Specialists directly for a free, no obligation assessment. You may also download our Mortgage2Go app in both the Apple and Google Play Stores to inquire, submit documents and follow the progress of your loan transaction if you decide to proceed with a new loan.
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Click Here to contact a Mortgage Specialist