Consider the Opportunity
If current rates are lower than what you're paying on your 1st or 2nd mortgage, you may be able to refinance to lower your monthly payment. The money you save could be used to build savings, finance a purchase such as a car, college expense, etc. or even pay off debt.
Re-evaluate Your Loan Terms
Refinancing can lower your monthly payments, but remember, if you take out a longer-term loan, it may increase the total interest you’ll pay over the life of the loan. Refinancing also gives you the chance to switch from an adjustable-rate to a more stable fixed-rate mortgage, or even get cash out to finance a purchase*
Understand the Costs
Consider all up-front costs when refinancing, like origination fees. There may be options to lower your out of pocket costs, such as 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. Ask a PNC Mortgage loan officer what to expect, and weigh the costs against what you can save monthly.
* 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