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Should You Refinance Your Mortgage?

Education Posted on July 6, 2020

Mortgage rates have plummeted during the first half of 2020. If you’ve been considering refinancing your home, now could be the best time.

Why Refinance?

There are many benefits to refinancing. Ultimately, it depends on your individual financial needs. Maybe your current mortgage terms just aren’t working for you or you know you can get a better deal. You may also simply want to free up extra cash.

Did you know refinancing can benefit you in any or all of the following ways?

Adjusting Your Terms

  • Convert from an adjustable-rate mortgage to a fixed-rate mortgage
  • Lower your monthly mortgage payments
  • Consolidate debt
  • Shorten your loan term

Free Up Extra Cash

  • Fund a home improvement or repair project
  • Access extra cash for large investments like college or a wedding.

Refinance Loan Options

At Carter Bank & Trust, refinancing your home does more than sign you up for another mortgage loan. If you have a specific financial goal in mind with your refinance, our mortgage specialists can pair you with the best loan option to suit your needs:

Home Equity Loan – Leverage your home’s equity to access cash for when life happens.

Debt Consolidation Loan – Simplify your debt repayment and lower your interest rate.

Home Improvement Loan – Invest in your home by making repairs, remodeling, or adding to your house.

HARP Loan – If your home has lost value over time, consider refinancing through the Home Affordable Refinance Program (HARP).

Cash-Out Refinance – Refinance your existing loan for a larger sum to access cash for home improvements, debt consolidation, or other financial needs.

Calculate Your Refinance Savings

Not all Mortgage Specialists are created equal

We empower our mortgage team to provide homeowners with personalized refinancing solutions with all the convenience of local service. Contact a local mortgage specialist to begin your refinance process today.

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