Mortgage Refinancing

Simplify Your Mortgage Refinancing with Allied First Bank of The Carolinas

Mortgage Refinance Loans

In essence, refinancing a mortgage involves taking out a new home loan to replace your current one, with the possibility of obtaining better terms such as a reduced repayment period, lower interest rate, or smaller monthly payments. However, it's important to keep in mind that the overall finance charges over the course of the loan may increase despite the lower monthly payments.

While the term "mortgage refinancing" can be daunting for some homeowners, the {{site_name}} team is here to offer guidance and assistance, empowering you to achieve your financial objectives. Refinancing can frequently lead to a more advantageous financial situation.

Benefits Of Refinancing Home Loan:

1) Lowering Your Interest Rate

Lowering your interest rate can result in cost savings throughout the loan term. Refinancing a home mortgage may decrease your monthly payment initially, but it does not necessarily guarantee savings in the long run, as total finance charges could be higher over the loan's lifetime.

It is important to take into account fees and interest rates when determining if refinancing will result in long-term savings. A licensed loan officer can assist you in determining if refinancing is suitable for your situation. We can help you calculate the break-even point at which you will start to save.

2) Modifying the Term of Your Loan

Changing the duration of a mortgage loan, such as switching from a 30-year to a 15-year term, can assist you in reaching particular financial objectives. By shortening your term, you may prevent penalty fees if you intend to repay your loan early. Moreover, a shorter term translates to lower interest payments throughout the loan's lifespan. Additionally, if necessary, you may be eligible to extend your repayment term.

3) Debt Consolidation

Streamlining multiple debts into a single, simple-to-manage home loan can simplify your life and could result in cost savings, especially if the other debts have higher interest rates.

4) Predictability

Transforming your current loan from an adjustable rate mortgage to a fixed rate mortgage will supply you with unchanging monthly payments that persist throughout the loan's term.

5) Mortgage Consolidation

Combining multiple mortgages into a single loan can simplify the repayment process and could lead to cost savings.

6) Free Up Cash

A cash-out refinance loan enables you to access funds for home renovations, college tuition, or unforeseen medical bills. The goal of this loan type is to tap into your home's equity.

Request a Consultation with an Allied First Bank Loan Specialist

Allied First Bank of The Carolinas

  • Michael Parker
  • (800) 697-4371
  • MPO NMLS#: 457569
  • AFB NMLS#: 203463
  • 3804 Peachtree Ave.
  • Suite 200
  • Wilmington, NC 28403

Get a Free Rate Quote Online!

As a condotel lender, we specialize in offering financing for a wide range of condominiums, including condotels. Our services encompass condotel loans and loans for non-warrantable condo projects. If you're having difficulties finding condotel financing for the condo hotel you have your sights on, don't lose hope! Our goal is to assist you in acquiring the property you desire.

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