Mortgage Refinancing

Simplify Your Mortgage Refinancing with Allied First Bank of The Carolinas

Refinancing Guide

Refinancing your mortgage can be a strategic move to save money, lower your interest rate, or access your homes equity to use however you see fit. Allied First Bank of the Carolinas offers low wholesale rates and aggressive refinance programs to help you achieve your financial goals. This guide will walk you through the refinancing process and explain how our experienced team can assist you along the way.

Assess Your Refinancing Goals

      • Lower your interest rate: Take advantage of our low wholesale rates to reduce your monthly payments and save on interest over the life of the loan. Interest rates change daily so if you haven’t looked into refinancing in the past few months give us a call to see where rates are today.
      • Change loan terms: Adjust the length of your mortgage to pay it off sooner or lower monthly payments.
      • Tap into home equity: Access your home's equity through a cash-out refinance to fund home improvements, consolidate debt, or cover other expenses.

      Evaluate Your Current Mortgage

          • Let us review your loan terms:  We can hep you understand your current interest rate, loan balance, and remaining term to determine if refinancing is advantageous. Once we review this together, we will provide you with your best options.
          • Calculate break-even point: Estimate how long it will take to recoup the costs of refinancing and ensure you plan to stay in your home long enough to benefit. In many cases, we can refinance your loan with no points and sometimes even with money to cover closing costs. We have many choices when it comes to cost to help you achieve your goals.
          • Most loans typically don’t have prepayment penalties: Some loans include penalties for paying off the loan early, which may impact your decision to refinance. We typically don’t offer loans with pre-payment penalties to our clients because you never know when your situation may change. In the rare case we do you’ll be well aware of your loan term

          Prepare Your Financial Documentation

              • Proof of income: W-2 forms, pay stubs, and tax returns from the past two years. In some cases, we may only need your W-2 from the previous year or even just your current paystubs.
              • Credit history: Our lenders may request additional information to assess your creditworthiness. We start by pulling a free credit report for you to determine whether or not we need to work on increasing your score.
              • Asset documentation: Bank statements, investment account statements, and retirement account balances to demonstrate your current funds for a down payment.

              Review Allied First Bank of the Carolinas' Refinance Programs

                  • Rate-and-term refinance: Modify your interest rate or loan term to better align with your financial goals.
                  • Cash-out refinance: Access your home's equity by borrowing against the value of your property, receiving the difference as a lump sum.
                  • Streamlined refinancing: Government-backed loan programs, such as FHA and VA, offer streamlined refinancing options with minimal documentation and faster processing times.

                  Compare Rates and Fees

                      • Obtain a quote from Allied First Bank of the Carolinas: Discover how our low wholesale rates and aggressive refinance programs can benefit you.
                      • Assess fees: We offer competitive closing costs, NO application fees, and even have NO point options, which should be considered when comparing refinancing options.
                      • Research lender reputation: Read our online reviews and consult with friends and family to learn about their experiences with us.

                      Apply for a refinance loan with Allied First Bank of the Carolinas

                          • Submit your application: Provide all necessary documentation and complete any additional lender requirements.
                          • Lock in your rate: Secure a low interest rate with us to protect against fluctuations during the refinancing process.
                          • Coordinate the appraisal: An appraisal may be required to determine your home's current value, which impacts the terms of your refinance.

                          Close on Your Refinanced Mortgage

                              • Review your closing disclosure: Ensure that the terms, rates, and fees match what was discussed with Allied First Bank of the Carolinas.
                              • Sign the final paperwork: Complete the refinancing process by signing all necessary documents.
                              • Begin making new payments: Your new mortgage payments will begin on a specified date, replacing your previous loan.

                              In conclusion, refinancing your mortgage with Allied First Bank is a smart move to improve your financial situation. By following this guide and taking advantage of our low wholesale rates and aggressive refinance programs, you can successfully navigate the mortgage refinancing process and potentially save thousands of dollars in interest payments over the life of your loan.

                              Our team of experienced mortgage experts at Allied First Bank of the Carolinas is committed to assisting you every step of the way, ensuring a smooth and hassle-free experience.  Give us a call or fill out our contact form to get started.

                              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.

                              Let's Get Started!

                              ~ or call ~

                              (800) 697-4371

                              What People Are Saying About Us

                              Recent Mortgage Articles

                              Do I Qualify for a VA Loan? Understanding Your Eligibility and Benefits

                              Do I Qualify for a VA Loan? Understanding Your Eligibility and Benefits

                              For veterans and active-duty service members, VA loans represent an incredible opportunity to own a home with favorable terms and 100% financing. Understanding whether you qualify for a VA loan and the…

                              Allied First Bank's Nationwide Lending Services

                              Allied First Bank's Nationwide Lending Services

                              VA Home Loan Agency Near Me: Allied First Bank When it comes to securing a home loan as a veteran or active-duty service member, finding a reliable and experienced VA home loan agency is paramount. The…

                              call contact