Consider the Opportunity
Moving to a shorter-term loan can mean higher monthly payments. But depending on the loan amount and interest rate, it can also mean you pay less interest over the long term. Paying off your loan sooner can also help you focus on other financial goals, such as saving for college tuition or retirement.
Understand the Costs
Consider all up-front costs when refinancing, like closing costs and origination fees. There may be options to lower your 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 costs you should expect, and weigh the costs against what you can save monthly and over the life of the loan.
Consider Your Repayment Options
Another option for paying your mortgage off sooner is to make additional payments on your mortgage whenever you have extra money. These payments can be applied to the principal and reduce the overall interest you pay. Talk with a PNC Mortgage loan officer to find the right solutions for you.