Wondering if refinancing is right for you?
Whether you're looking to lower your mortgage payments or get a better rate, we'll help you find the perfect loan—and be with you every step of the way.
- Learn the basics
- Shop for rates and loan options
- Weigh the pros and cons
- Start the refinancing process
When should I refinance?
Refinancing takes a little time and effort—but it can really pay off. So when's the best time to take advantage of it? Check out these questions to help you decide.
Have you paid your mortgage long enough to consider refinancing?
Generally, you'll need to have more than 20% equity in your home to refinance. Check with your mortgage lender to see if you're there yet.
Have property values been rising in your area?
A higher property value can give you even more options as you refinance. For example, your home appraisal could put you over the 20% threshold sooner than you might think.
How much can you lower your interest rate?
See if you can lower your rate by at least 1%. Many lenders suggest that this is a good benchmark for improving your financial situation by refinancing.
Are you going to stay in your home a few more years?
If you're going to stay in your home for several years, then you'll probably have time to recover your closing costs with the overall savings from refinancing. But if you plan to move in a couple of years, you might not have enough time to ensure refinancing pays off.
Do you have a good credit score today?
If you have good credit, you'll benefit by getting a lower interest rate and long-term savings. If you don't have great credit, then it's well worth it to wait. When you improve your score you can get a lower interest rate, which could save you a significant amount of money over the long run.
The bottom line
You should only refinance when the time is right. If you do it well, you can lower your interest rate, your monthly payment, and the amount that you pay for your home overall.
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Personalizing the mortgage experience
Dr. Ketan Patel
Find out how BB&T treats its mortgage clients like family, with personal connections based on open communication.
The newness of it, the excitement. And for us, it was starting a new life. Just walking through those doors where there's no furniture, just some carpet and some walls, and it's yours.
My name is Ketan Patel. I'm a podiatrist. As a kid, I knew I wanted to be a physician. My uncle was a physician, and I always looked him as a mini superhero. He goes around helping other folks. And watching that, that was an unbelievable gift.
The best part about working with my mortgage officer is that he's always willing to help. He's always there to just be a sounding board. There's so many times that he's mentioned to me before that, hey, if you've got a question, just give me a ring, or if there's something that just doesn't make sense, give me a call. One of his big fortes is communication.
A lot of my clients, they have day jobs, so a lot of times people want to talk with us perhaps during their lunch hour, oftentimes in the evenings. If the client needs to talk with me, I need to be available.
I met my mortgage loan officer to a mutual friend from high school. He was able to help out my brother, several of my other friends. And naturally, when it came time for me to buy a place, he was the easiest guy to go to.
This really is a personal relationship. At BB&T, we believe that the client is almost like part of the family.
Working with him is very seamless. It's accurate, it's fast. You can pretty much take it to the bank. Whatever he tells you, it's gonna happen.
You can tell it's kind of the banks of old, where you knew your banker, they knew about your lifestyle, your needs. You have a relationship. I really feel like I'm at a small bank, but I know that they have the power of a larger institution.
The mortgage process is pretty daunting. There's all kinds of information in the marketplace about perhaps how difficult it is to get the mortgage. Some of this information is accurate, some of it's not. So we like to kind of put the client at ease, prepare them for the process.
To me, knowledge is everything. So anytime you're going through an experience or you're trying to achieve a goal, education should be your first step. That first step is crucial, and it sets you up for success or for failure. And that's what's been pleasurable about my experiences with BB&T is the first discussion point is what is our objective, how are we gonna get there, and what are the pros and the cons behind that process.
Call BB&T. Don't think twice about it. You'll be more educated about a process that you're undergoing. You may end up finding a good relationship and a good friend that will help you in your future endeavors.
There's a lot of factors that go into it that people initially don't consider. And if they'll give us the opportunity to speak with them, typically they realize, wow, I learned things that I didn't realize were important, and they helped me to make a better decision.
You're not a number. You're not a statistic. You are a person that they have a vested interest in and want to help.
Learn how one client bought his first home and then later refinanced—with the same mortgage loan officer.
I worked hard. All these years of overtime, working holidays, weekends, and you finally achieve your goal. I didn't even sleep the first night I was in the home.
My name is Mark Shaw. I'm an aircraft mechanic. And I'm also in the Air National Guard.
I've been married for 14 years. And I have a nine-year-old daughter. We have two dogs, a typical lifestyle. When I was in my 20s, I made some mistakes, had to put a lot of work in trying to clear up my credit to prepare for homeownership.
Your house is the quintessential thing we all work for. This is the biggest ticket item you'll ever buy in your life, so you want to make the right decision when you do it, making sure you are financially sound, making sure you think things through, and then you go talk to the experts at BB&T.
What I enjoy most about being a mortgage loan officer at BB&T is the opportunity to share with my clients the knowledge that I've learned over the years and how to incorporate that knowledge into coming up with the best mortgage solution for somebody.
When I picked out the house, we approved what you were going to finance on a house, and how the deal went down. It went down just by the numbers. And not only that, when I was at the closing, Vincent Spadea actually showed up. People told me it was unfounded that a bank institution would actually show up to the closing of the house. So actually it was just a great experience.
The closing is really the final opportunity to visit with a client, to shake their hand, congratulate them, look them in the eye, see the smile on their face, then it really makes the job rewarding. It's a partnership. We work together with our clients so that we can best design the mortgage solution that's going to meet their needs.
The first time I refinanced my house, comps went down in my neighborhood because of all the debacle with the economy at that time, my mortgage loan officer managed my expectation. He spent time doing that. It did not go through. A year later, it did go through.
I truly know that people are thankful that we came into their lives, and we had this new partnership. At BB&T, that's the beginning of a long-term relationship.
All throughout the process, I felt support, honesty, and trust. I go in there and it's like home.
The current rate for the 30-year fixed purchase mortgage is based on a $985 origination fee; 1.125 discount points and would yield 360 equal payments.
The current rate for the 15-year fixed purchase mortgage is based on a $985 origination fee; 1 discount points and would yield 180 equal payments.
The current rate for the 30-year fixed refinance mortgage is based on a $985 origination fee; 1.5 discount points and would yield 360 equal payments.
The current rate for the 15-year fixed refinance mortgage is based on a $985 origination fee; 1.375 discount points and would yield 180 equal payments.
Rates and pricing may vary and are subject to change at any time without notice.
Loans, lines of credit and credit cards are subject to credit approval.
All BB&T mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.
Branch Banking and Trust Company is a Member FDIC and an Equal Housing Lender.