Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

Save Money with This Refinance Calculator for Home Mortgages

Homebuying 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant savings.

Curious to see how much you could save with current rates? Use our refinance calculator for home mortgages to see how you can take advantage of major financial perks.

Why Refinance Home Mortgages?

Home mortgages are contracts. When the contract is signed, the interest rate selected by the homeowners is locked in until the terms of the contract have been satisfied or revised.

The interest rates for home loans fluctuate daily. If interest rates are steadily dropping, homeowners can refinance to save money and improve their financial standing.  

Benefits of Home Loan Refinancing

Refinancing is a readjustment of your mortgage loan to benefit your finances in the following ways:

  • Lower monthly payments
  • Build home equity faster
  • Improve credit
  • Change to adjustable or fixed-rate plans

When homeowners choose to refinance, they can generally expect to pay off their loan faster. 30-year mortgages can be refinanced to 12 or 10-year loans. Although it may sometimes increase the anticipated monthly payment, you can cash in on equity or sell for an increased value.

When Is a Good Time to Refinance?

When considering refinancing home mortgages, many homeowners weigh the closing costs with the savings achieved over time. It’s also important to think about the length of time you will live at the property.

What to Do Next If You Want to Refinance

After you’ve reviewed your savings on our refinance calculator for home mortgages, you may be interested in taking the next steps towards refinancing. Before making an appointment with your First Bank loan officer, make sure you have the following information updated:

  • Current mortgage type
  • Payment history
  • Current credit report
  • Outstanding debt
  • Evidence of home renovations
  • Evidence of home improvements/repairs

Your loan officer will use this information to determine what kind of refinancing you may qualify for. There are plenty of options, and we can guide you in selecting the best package for your personal goals.

Contact us today to apply for mortgage refinancing.

*Loans are subject to credit approval

———
Sources:
http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php
http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php
https://localfirstbank.com/mortgage/refinancing-calculator/

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Current 30 Year Mortgage Rates – South Carolina If you’re looking for current mortgage rates in SC, it’s a great time to buy! In a recent survey conducted by GoBankingRates, the state ranked 27th in the nation for the lowest average home mortgage. The study combined 30-year fixed, 15-year fixed, and five-year ARMs (adjustable rate mortgages) to rank each state by the average cost of a mortgage. Current Mortgage Rates in SC First Bank offers conventional home loans, including a 30-year fixed-rate mortgage. This types of mortgages are extremely popular among home buyers because the longer loan term allows for smaller, predictable payments. With First Bank’s 30-year conventional loan, your interest rate and monthly principal will never change, allowing you to budget more easily. If you plan to live in your house for a long time, a 30-year fixed-rate loan could be a good option for you and your family. What Affects Current Mortgage Rates in SC? 30-year mortgage interest rates vary depending on a variety of things, such as: Economic factors. Lending is riskier in some states than others due to unemployment rates, default and foreclosure rates and differing property values. State laws. States that allow recourse typically have lower mortgage rates. Recourse is the recovery of additional money from borrowers who default and the foreclosure sale doesn’t earn enough to pay off the mortgage. Size of competition. More lenders competing for your business means lower costs. Types of preferred loans. States with more military bases will likely see more VA loans, states with more rural housing might have more USDA loans, etc. Market conditions. An increase or decrease in home building and sales regionally or nationally can drive interest rates up or down. Government. Government policies like the Federal Reserve can dictate the fluctuation of interest rates. As you can see, there are a number of reasons why a 30-year mortgage rate in South Carolina can vary. The best way to find out what your interest rate will be is by speaking with a First Bank mortgage specialist. If you are ready to apply for a 30-year mortgage, you can find out your interest rate by starting an online application with First Bank. Loans subject to credit approval. ———- Source: Housing Wire: https://www.housingwire.com/articles/48165-this-is-how-mortgage-rates-vary-by-state/ 2 min read
Hand and hammer working on roofing with shingles Roof Maintenance Tips Severe roof damage can seriously disrupt your life, wreaking havoc on your home as well as your wallet. Here are some basic things you can do to care for your roof and maximize its life expectancy. 4 min read
Houses made of paper Am I Ready to Buy My First Home? Undoubtedly, one of the most significant financial milestones in life is the purchase of your first home. And there are many benefits to homeownership. 5 min read
Refinance Your Mortgage with These 5 Tips Over time, the mortgage market fluctuates and creates new opportunities for homeowners to revise the terms of their mortgage. This is known as refinancing. When refinanced, a mortgage can include lower interest rates, home equity credit, and a restructured loan duration. Homeowners will refinance for many reasons: to get a cash out, to buy out someone on the title, to consolidate their debt, for a low-rate bridge loan, and more. Test out this Refinance Mortgage Calculator, and then see if the following tips can save you time and money in your search for the perfect home loan. 5 Tips to Refinance Your Mortgage Lock in a Cost-Efficient Rate. Ultimately, it is a good idea to lower your monthly payment and re-structure the length of time it will take to pay off your loan. If you are purely looking for a lower rate, according to the Federal Reserve Board, the interest on the mortgage needs to be 1-2% lower than their current mortgage loan rate. Keep in mind that a lower rate isn’t always possible during a refinance, depending on your reason for doing the new loan. Evaluate the Terms. When it comes to mortgage refinancing, you should always read the fine print. Some lenders may offer lower rates, but with much longer terms. To determine if a loan is worthwhile compared to your current mortgage, multiply what you are currently paying (principle with interest, but not escrow) by the number of months left. Do the same for the refinance option and compare to determine if it is a good fit. Consider the Benefits of a New Type of Mortgage. If you are looking to refinance your mortgage, a great tip is to check out the variety of loan types lenders offer. Each may have advantages and disadvantages, and one may be a better fit for your situation. For example, if your financial assets have grown or changed, you may benefit from switching to an adjustable-rate mortgage (ARM) or a fixed-rate mortgage (FRM), depending on your unique needs. Don’t forget about property taxes and escrow accounts, which can also significantly impact your monthly payment amount. Shop Around. The financially savvy homeowner is aware of the many options available for mortgage refinancing. Ask a lot of questions. 3 min read