Refinance your North Carolina home loan

Questions to ask yourself first

• How long will I stay in the home?

  Refinancing costs money up front. If you'll move before the savings cover those costs, it may not be worth it.

• What is my goal?

  A lower payment, paying the loan off sooner and getting cash out each point to a different kind of refinance.

• What am I giving up?

  If your current loan has a low rate, refinancing the whole balance to get cash may cost more than borrowing only what you need with a HELOC.

• Has anything changed?

  A higher credit score, more equity or a change in income can open up options you didn't have when you bought.

Before you refinance

The right time depends on your current rate, how long you plan to stay and the closing costs. We run the numbers with you, and we tell you if refinancing does not make sense.

Want to keep your current mortgage?

If you want to borrow against your equity but keep the mortgage you have, a HELOC may be a better fit than a refinance.

What refinancing costs

A refinance has closing costs, much like a purchase. They can include lender fees, an appraisal, title insurance and attorney fees. You can usually pay them at closing or add them to the new loan. Adding them means less cash out of pocket but a slightly larger balance. We give you a full breakdown so you can compare.

What you'll need

Most refinances ask for recent pay stubs or income documents, two years of tax returns or W-2s, recent bank statements, your current mortgage statement and your homeowners insurance details. Streamline refinances usually ask for less.

How the process works

First we look at your current loan and your goal and compare options. You apply and send documents, and we order an appraisal if your loan needs one. The loan goes through underwriting while we keep you updated. In North Carolina, a closing attorney handles the signing, and for a refinance on your primary home, federal law gives you three business days after signing before the loan funds, in case you change your mind.

When refinancing doesn't make sense

If you plan to move soon, if the savings are small compared with the costs, or if refinancing would stretch your payoff far into the future without a good reason, we'll tell you. Sometimes the best advice is to wait. You can estimate your payment any time.