Refinancing at a longer repayment term may lower your mortgage payment, but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your mortgage payment, but may lower the total interest paid over the life of the loan. Contact us to discuss the option that best meets your needs.
Mortgage Refinance
Turn equity to funds, lock in a lower rate or find better terms.
What's Your Goal?
Should I Refinance?
There are a few ways refinancing could be helpful. Here’s what to consider:
- Interest rate: if market rates are lower than your current rate, you might be able to lock in a lower rate and pay less over time.
- Term: if you can extend your term, your payments would be spread over a longer period, reducing the monthly payment amount. If you can shorten your term, you could be done paying off your loan faster.
- Equity: if you’ve built up enough equity, you could refinance and take out cash for a project, purchase or consolidation of debt. Just be sure to check rates, including on any debt you’re consolidating.
How Could I Save?
There are two main things that would change if you refinance: your monthly payment and the total amount of interest you pay.
- Check Rates
- Calculate Savings
Be sure to account for the fees associated with refinancing and know your break-even point (the earliest point at which you could sell or refinance without losing money).
Use our Refinance Savings Calculator to understand how your monthly payment and interest might change, and what your break-even point would be.
Calculators are provided for educational and informational purposes only. Estimates and other information generated is deemed reliable, but is not guaranteed.
What to Expect
Here’s what the process looks like:
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Explore My Refinance Options
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Alternatives to Refinance
If you don’t think refinancing is right for you, we have a few other options that won’t change your mortgage rate, payments or terms. Both options are secured by your equity in your home, so be sure you know how much equity you’ve built.
Frequently Asked Questions
Fixed Rate Mortgage: If you’re looking for a loan where the monthly principal and interest payment will not change and will be easy to budget, explore a Fixed Rate Loan.
- Rate, principal and interest payment remain the same for the life of the loan
- Loan terms between 10 and 30 years
- Single family loan amounts up to $832,750
- Available for primary and secondary homes, as well as investment properties
Adjustable Rate Mortgage (ARM): With an ARM, you’ll start out with a low rate and after a few years, your rate will reset with a new rate that can be either higher or lower depending on market conditions at the time the adjustment occurs. After the first rate adjustment, your interest rate can change on a semi/annual basis until you pay off your mortgage.
- For homeowners with a good credit history.
- Ideal if you’re expecting an increase in income, or don’t plan to own the home for a long period.
- Adjustable rate loans are available in periods of 7 and 10 years during which the interest rate remains unchanged, followed by an adjustment period in which the interest rate may increase or decrease on an annual or semi-annual basis, dependent upon the product, resulting in a change in your monthly payment amount.
- Can be used for both primary and secondary homes, as well as investment properties.
Typically, the cost to refinance is 2-6% of your new mortgage loan amount.
That includes things like home appraisal, flood certification, tax and title services, transfer fees, government recording fees, inspections, surveys, lender origination fees, and other fees.
You may pay these costs out-of-pocket, or depending on the refinance type, they could be rolled into the new loan amount. We also have Closing Cost Assistance programs available – if you qualify, you could get up to $3,000-5,000 toward closing costs.
It typically takes 30 - 45 days. This is influenced by loan type, unique borrower conditions and more.
It’s also important that you provide documentation and respond to your MLO quickly, to ensure that we can review and process everything in a timely manner.
PNC offers a digital self-service tool that uses a soft credit pull to check product eligibility and pricing, requiring your authorization to access consumer reports. This won't affect your FICO score. If you proceed with an application, PNC will perform a hard inquiry that may impact your FICO score.
If your home’s value has decreased since purchase, you may not qualify for a refinance with a lower interest rate than your current loan.
However, you still may be able to refinance at a higher interest rate, which means you could access funds if that’s your goal.
Want to Talk About Refinancing?
Talk through your situation with a mortgage specialist.
Rate may increase after settlement.
Important Notice to Servicemembers and Their Dependents. If you are currently eligible for benefits provided by Servicemembers Civil Relief Act (SCRA), refinancing current debt may not be beneficial.
PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
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