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Loan Officers
Randall T. Brown
NMLS: 220626

Refinance A Home

Refinancing a Home Can Be Daunting – Let Mortgage Options Lead the Way

If you’d like to refinance a home, right now may be the perfect time. Your home is probably your biggest asset, so it’s important that you get the information you need to make essential refinancing decisions. Why not look to one of North Carolina & South Carolina’s leading mortgage companies for help? Mortgage Options can pave the way to refinancing a home by providing the solutions you need to help with the refinancing process.

Here are some ways we can help:

1.Lower Your Monthly Payment

Interest rates have dropped drastically in the past few years. Any drop in interest rates can mean lower monthly payments for you if you refinance a home.

•Remove private mortgage insurance (PMI) – If you originally put down less than 20%,
   you are probably paying for private mortgage insurance. If you’ve been making your monthly
   mortgage payments on time each month, and you’ve been paying for a period of time, you
   might have created enough equity to get rid of PMI, which will lower your mortgage payment.

•Refinance for a longer term. By refinancing to a longer term loan, you may lower your
   monthly payment, although you will increase the amount of interest you will pay over the
   term of the new loan.

•Pay points to lower the interest rate. It could be smart to pay discount points to reduce
   the interest rate if you’re going to stay in the home for a long time. One point equals 1% of
   the loan amount, and typically reduces the interest rate by about one-quarter of a
   percentage point. This will reduce your monthly payment as well as the interest you will pay
   over the term of a fixed rate loan.


2.Pay off Your Mortgage Early

Refinancing your mortgage to a shorter term allows you to reduce the length of the loan.

•More interest and less principal is paid at the start of your loan. At the beginning of
   your loan, your payments will include more interest and less principal. As the loan is paid off, 
   you will slowly begin making payments that pay more of the principal and less of the interest.
   However, because your term is shorter your monthly payment might be higher, depending
   on the interest rate. If you choose a longer mortgage your monthly payment will be lower but
   the interest paid over the term of the mortgage will be higher.


3.Reduce Your Interest Rate.

If you want to reduce the mortgage interest rate, you should consider refinancing, especially given today’s record-breaking low interest rates.

Refinancing a home can be a minefield of confusing rules, interest rate options and term decisions. In spite of all that, there’s never been a better time than right now to refinance your home. You can lower your interest rate, your monthly payments, and the term of your loan all in one step.

To find out more about refinancing a home, call Mortgage Options today: (803) 732-5787 or Toll Free at (866) 456-5511.

Want to learn more about lowering your mortgage payments?