Mortgage Refinansing Help

Mortgage Refinancing Help: Financial Services

“If you have equity built up in your home, and you need cash, you have two choices: get a home equity loan or utilize cash-out refinancing. Each has its pros and cons, so be sure to evaluate your situation carefully prior to making a decision. ”

Mortgage Refinancing Help : Regional: North America: United States: North Carolina: Business and Economy : Financial Services (5)

If there are only a few years left on your current loan, it's no use refinancing with a long term loan. You may need extra cash but with a long term loan, you'll end up paying more for the entire loan term.

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Mortgage Refinancing Help: Financial Services ()

See also:

Piedmont Federal »
Located throughout the Piedmont and in Boone. Listing of account services offered, information about mortgages, branch locations.

First Financial Services, Inc. »
Provides residential mortgage financing. Includes loan programs and company directory. Locations across the state.

Bank of Granite »
An independent community bank serving the Catawba Valley and Blue Ridge foothills in western North Carolina.

Bank of North Carolina »
Statewide institution provides online banking, personal and business accounts plus mortgages. Includes mission, services, branch locations, job opportunities.

Short-term mortgages offer lower interest rates than long-term mortgages. You save money by the lower interest rates and shorter payment period. The trade off is a larger monthly payment, but this option can save you thousands.

Stick with a simple loan. It is easier to understand and less likely to get you into trouble. Adjustable-rate mortgages may seem like a way to get a bigger house now or to keep more money now, but when the rates adjust you can get into trouble. Avoid anything with a balloon payment. Just choose a simple 30-year mortgage you can easily afford.

Calculate the financial benefit of refinancing in one, two, or three years. Does the benefit compare with your plans for staying in your home?

Fees are a hidden cost of many mortgage loans. By law, lenders must disclose fees within three days of a loan application. Fees can go by many names like - document prep fees, courier fees, administrative fees, and more.