First Home Equity Loans

REFINANCE
YOUR MORTGAGE

WHEN IS REFINANCING WORTH IT?
Shopping for a mortgage loan? We'd be thrilled to answer your questions about our mortgage
offerings! Give us a call today at 864-438-4550. Want to get started?
It has been said that only when your new interest is at least 1 point lower, should you refinance your loan. That could have been accurate years ago, but as refinancing has been costing less over the last few years, it is a good time to explore the options of a new mortgage! Refinancing has a number of benefits that often make it worth the up-front expenditure many times over.
  • BENEFITS FROM REFINANCING

    You may be able to bring down your interest rate (sometimes substantially) and make smaller mortgage payments with a refinanced mortgage loan. Additionally, you might be given the option of tapping into your home equity by "cashing out" some money to fix up your home, consolidate debt, or take your family on a vacation. You could be able to refinance to a shorter-term mortgage loan, giving you the ability to build your home equity faster. 

    * See the bottom of the page.

     

  • EXPENSES AND FEES
    All of these advantages do come with some expense, though. With your refinance, you're paying for basically the same things you paid for when you obtained your current mortgage loan. These might include settlement costs, an appraisal, lender's title insurance, underwriting fees, and so on.
  • DO THE MATH

    Paying discount points can get you a lower interest rate. Your savings over the life of the mortgage might be substantial if you have paid up front about three percent of the new loan total. We recommend that you talk to a tax professional before acting on hear-say that any paid points may be deducted on your taxes.

    Speaking of taxes, once your interest rate is lowered, of course you will also be reducing the interest amount that you'll be able to deduct from your taxes. This is one more expense that borrowers take into consideration.

    All things considered, for most people the amount of initial costs to refinance are paid back very quickly in monthly savings. We will work with you to find out which loan program is perfect for you, taking into account your cash on hand, the likelihood of selling your home in the next few years, and what effect refinancing will probably have on your taxes.

    CALL US AT 864-438-4550 TO EXPLORE YOUR MORTGAGE REFINANCE OPTIONS.

    *     By refinancing the consumers existing loan, the consumers total finance charges may be higher over the life of the loan.
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