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Charleston Refinance Attorneys

As mortgage interest rates move into record low territory, it is possible – even likely – that you can save money on your home payment by refinancing your mortgage. Refinancing at a lower interest rate has the potential to save you considerable amounts of money each month, depending upon your current interest rate, the interest rate at which you are able to refinance, and the amount you owe on your mortgage. Obviously, the more you owe, the more money it is possible to save. Saving money isn’t the only reason to refinance, but it can be a powerful motivator. 

Is it the right move for you? Do not hesitate to consult with a Charleston refinance lawyer at Weeks & Irvine, LLC, about your options today. 

Researching Your Refinancing Options

There are a number of reasons to refinance your house. Refinancing is simply taking out a new mortgage loan to replace your existing mortgage at a lower interest rate. Options including borrowing only enough to pay off your existing mortgage, but doing so at a lower interest rate so that your monthly mortgage payment is lower. You also can borrow more than your pay-off amount based upon the limits of your equity – the amount your house is worth in excess of the amount you owe – so that you can use the extra cash to pay off other debt, make renovations, or put the money to whatever other use you choose. 

Refinancing is a way to increase your financial flexibility. Reasons to refinance include:

  • Lower your monthly payment. One study found that the average American homeowner saves $160 per month by refinancing, with many saving more. The extra cash can help with savings, paying off other debt, or whatever other purpose you choose.
  • Shorten your loan term. You can refinance a 30-year mortgage into a 15-year mortgage or some other shorter term. This results in paying less interest over the life of your mortgage.
  • Switch from an adjustable rate mortgage to a fixed rate. This is particularly advantageous when rates are low, allowing you to lock in a low mortgage rate and avoid the risk of major rate increases later. 
  • Borrow against your equity to take out cash for whatever purpose you choose.
  • If your original mortgage has private mortgage insurance payments included, it is possible that you could eliminate those PMI payments, particularly if you have built up equity through a long course of payment or if your house has increased in value, resulting in your mortgage borrowing-to-equity ratio being below the threshold for PMI requirements.

To refinance your mortgage, you have to qualify for a refinance loan. There are any number of reasons you might not qualify, so your research should involve determining whether your credit rating will enable you to refinance and whether refinancing will accomplish your goals for refinancing, whatever those might be. You also need to learn what documentation you need to refinance. Our legal team can help with every step of the process.

If You Are Considering Refinancing Your Mortgage, You Should Talk to Our Charleston Refinance Lawyers

If you are examining whether you should refinance your mortgage, you should seek the assistance of a real estate professional. Talk to the attorneys of Weeks & Irvine, LLC, who are familiar with the intricacies of mortgages and refinancing and can help you achieve what you want with your potential refinancing.