Refinancing Your Mortgage: Getting Started

Homeowners often question if it's time to refinance. Closing costs are associated with refinancing so it's important to determine if refinancing will support your
overall goals. Be clear about your reason for refinancing and feel confident that you will remain in your home long enough to recoup expenses.

Refinancing can offer the following benefits:

  • Refinancing may lower monthly payment amounts or, if the length of the loan is changed, reduce the overall number of payments.
  • If interest rates are lower than your current rate, refinancing to a lower rate may allow you to pay less in interest.
  • If you would like to change your loan from an adjustable-rate to a fixed-rate mortgage, refinancing allows you to accomplish that.
  • Refinancing may be used to pay off a first mortgage and a home equity line of credit or home equity loan, leaving a single monthly payment.
  • For homeowners who have equity in their home, refinancing to a larger loan amount provides additional money for home improvements, college tuition and other important financing needs. This option is called a cash-out refinance (not available in Texas).
  • Although refinancing incurs closing costs, options are available to roll this expense into your mortgage. So, a refinance does not have to incur out-of-pocket expense.

Contact a BB&T mortgage professional to help you determine if refinancing is a good option for you.


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