Consider the Opportunities
With refinancing, you may gain flexibility , stability or even save on interest. If you have an adjustable rate or balloon mortgage, low interest rates can make fixed-rate loans an atrractive option. A shorter term might help you save on interest payments over the life of the loan. A jumbo loan could be refinanced to a combination or conventional loan type. Or perhaps you plan on moving in a few years and want to take advantage of a lower rate that may be available in an adjustable rate loan*
Know the Costs
As with any loan, there are up front expenses like origination fees. You can opt for a “no-closing cost” loan that includes most of the fees you might usually pay at closing in exchange for a slightly higher interest rate on your new loan. Or you can decide to pay points—one point equals 1% of the loan amount—to get an even lower rate. Like any loan, you should weigh any costs against the savings of refinancing.
Talk to a Professional
Depending on your individual goals, there are many refinancing options available to you. Talk with a PNC Mortgage loan officer to find the right solutions for you.
* PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). PNC Mortgage is a division of PNC Bank, National Association, a subsidiary of PNC. All loans are provided by PNC Bank, National Association and are subject to credit approval and property appraisal. Terms and conditions of this offer are subject to change without notice. Rates may increase after settlement. ©2014 The PNC Financial Services Group, Inc. All rights reserved. Member FDIC