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Here's All You Need to Know About Refinancing Your Home In Charlotte NC

October 21st, 2021

Refinancing your mortgage is a great way to benefit from the equity you’ve built and lower your monthly payment.

But there are also some drawbacks.

At Ultimate Offer Property Buyers, we’ve worked in real estate in Charlotte for quite some time. And we’ve learned a thing or two about buying, selling, and yes… even refinancing homes.

So SHOULD YOU refinance your mortgage?

Here are some considerations…

Lower Payments

Perhaps the biggest benefit to refinancing a property (and why most homeowners do so) is because it saves them money on their monthly payments. But that’s only the case if there’s quite a bit of equity in the property.

Extra Interest

Keep in mind that by refinancing the mortgage, you might be adding on some extra years to your loan and thereby adding some extra interest that you’ll have to pay over the life of the loan.

Loan Term

When refinancing, the borrower chooses either a 15-year or a 30-year term. That decision will have a huge impact on the monthly payment.

Change Loan Type

You can also change the type of loan you’ve got (since you’re essentially getting a new loan). This can be beneficial if you’re opting for a loan with a lower interest rate.

Ultimately, the choice is yours. If you’re planning to live in the property for quite a while longer and you want to lower your monthly payment, it might not be such a bad idea.

Or if you want to sell your home for a fair cash price, give us a call at (704) 461-0576 or fill the quick form below — we can buy as-is and we’ll even pay all closing costs!

What Our Customers Are Saying

Finding a place you can call home can be a very lengthy and tiring process. For me, this was an important milestone in my life and I needed someone who not only understood my goal but also has the knowledge, experience and patience to help me reach this goal. Bright was very involved in the entire process; scheduling property visits, working with the financial institution, lawyer’s office, property inspectors, all the way to negotiating the property price down, etc. Having Bright on my side as a buyer made the process smooth and enjoyable for me, and I’d strongly recommend him to anyone looking to buy or sell a property. Abdul Baba
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