Is Refinancing the Right Decision?
It might be. But let's be sure.
I’m not here to just sell you another loan. I’m here to see if we can actually save you money or help you reach a specific financial goal. If you’re thinking about refinancing, there are usually a few distinct paths we can take. The right option depends entirely on what you are trying to achieve.
Rate-and-Term
Refinance
What you need to know:
Best for...
Lowering monthly payments, paying off the house faster, or removing PMI.
How does it work?
This is what most people think of when they hear "refinance." We simply replace your current mortgage with a new one to lower your interest rate or adjust the length of your loan (like moving from a 30-year to a 15-year).
Hidden Benefit
If your home value in Cape Carteret or Swansboro has jumped recently, you may have enough equity to remove your Private Mortgage Insurance (PMI) without making a new down payment.
Cash-Out
Refinance
What you need to know:
Best for...
Renovations and Debt Consolidation.
How does it work?
A cash-out refinance lets you access your home's equity and turn it into usable cash. This effectively replaces your current mortgage with a higher loan amount, giving you the difference in cash.
Renovate Your Home
Instead of putting costs on a high-interest credit card, use your equity to pay for that new deck, boat dock, or kitchen update at a much lower rate.
Consolidate Debt
If you have high-interest car loans or credit cards, rolling them into your mortgage could save you hundreds of dollars a month in household cash flow.
Streamlined Options
(FHA & VA)
What you need to know:
Best for...
Current government loan holders looking for a simpler path.
How does it work?
If you already have a government-backed loan, we might be able to lower your rate with significantly less red tape.
VA IRRRL
If you have a VA loan, the "Interest Rate Reduction Refinance Loan" can reduce your rate with very little paperwork and often no appraisal.
FHA Streamline
Similar to the VA option, this offers a simpler path to lowering payments for those who currently have an FHA loan.
The "Break Even" Calculation
Regardless of which option looks right, I will always do the math for you: How much will the refinance cost vs. how much will you save each month?
If it takes 10 years to break even on the closing costs, I’ll tell you not to do it. But if the math makes sense, you can choose the path that fits where you are right now:
Tyler Kercheval
He is diligent, personable, and reliable.
Ashleigh Ellis
Made the entire process smooth and easy.
Joseph Irwin
The only person I will ever recommend in the future.