Looking for answers about mortgage refinancing?

There’s a lot of buzz these days about home loan refinancing. So, you may be thinking, “Is refinancing for me?” We can help. First of all, there’s some basic information below, and if you want to know more, please contact any of our mortgage loan officers.

Refinancing can lower your monthly payment and interest rate.
Home loan rates are still low. Depending upon your current mortgage terms, refinancing with today’s lower rates could lower your monthly payment – and save you a tidy sum of money, every month, for many years.

You should definitely consider refinancing if today’s rates are lower than the rate on your current mortgage. Or, on the other hand, you may be able to get a shorter term mortgage (maybe 10 or 15 years) and pay the same monthly payment. So, you can make the same payment but pay off your loan much sooner.

If you have an Adjustable Rate Mortgage (ARM), you might be more comfortable refinancing to a fixed rate mortgage.
ARMs typically start with a lower rate and that makes the initial monthly payment low. But, as time goes on, your ARM interest rate may increase – and the new rate may not be affordable. Since you never know where short-term interest rates are going, you might be more comfortable refinancing to a fixed-rate mortgage.

Could you benefit from a “cash-out” refinancing?
Some people have a lot of equity in their home. For those people, a refinance can provide a new, more affordable payment plus a significant amount of cash that could be used for improvements, education or to consolidate higher cost debt – for example, expensive credit card costs.

Refinancing is not for everybody.
Refinancing may not be for you if (1) you’re close to paying off your mortgage, (2) your mortgage has a prepayment penalty, or (3) you plan to move in the next few years, you may be better off keeping your mortgage as is.

How can I make a good decision about refinancing?
It might make sense to talk to one of our mortgage loan officers. All of them are experienced professionals with many years of experience in home loan lending. We’ve provided a contact list below for your convenience. Please don’t hesitate to contact any of them and request an appointment at your convenience.

Christy Sigmon

Christy Sigmon

Deborah Pruitt

Deborah Pruitt

Mary McDonald

Mary McDonald

Suzanne Blackwell

Suzanne Blackwell

Denver, Sherrill’s Ford, and Triangle Area
Suzanne Blackwell, 704-812-4281

Mooresville and Cornelius
Mary McDonald, 704-658-3600

Eastern Catawba Region and Hiddenite
Deborah Pruitt, 828-464-5663

Hickory, Lincolnton, and Maiden
Christy Sigmon, 828-322-6372

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