Refinancing Options

What does it cost to refinance? What are the benefits?

Ever heard the old rule of thumb, you should only refinance if your new interest rate is at least two points lower? That may have been true years ago, but with SunTrust Mortgage's no closing cost loans ($0ClosingCostLoan), it makes sense to refinance if you can save .125%.   

When you refinance, you might be able to lower your interest rate and monthly payment -- sometimes significantly. You might also be able to "cash out" some of the built-up equity in your home, which you can use to consolidate debt, improve your home, take a vacation -- whatever! With lower rates and balances, you might also be able to build up home equity faster with a shorter-term new mortgage.

Typically, these benefits do cost something, though. When you refinance, you're paying for most of the same things you paid for when you obtained your original mortgage. These might include settlement costs and other fees, an appraisal, lender's title insurance, underwriting fees, and so on.  DNJ's no closing cost loan, however, will save you thousands in refinance costs.

You might have to pay a penalty if you refinance your previous mortgage too quickly. That depends on the terms of your existing mortgage. These penalties are illegal in some places, and more often than not when they're there apply only for the first year or two. I'll help you figure it out.

Ultimately, I will work with you to determine what program is best for you, considering your cash on hand, and how likely you are to sell your home in the near future.

 

 

 

About SunTrust Mortgage

SunTrust Mortgage, Inc. is a wholly-owned subsidiary of SunTrust Banks, Inc. - a $179.1 billion institution making it one of the largest and strongest financial holding companies in the U.S.  Currently, SunTrust Mortgage, Inc. originates loans through 202 locations in SunTrust markets and neighboring states, maintains correspondent and broker relationships 49 states and services loans in 50 states and the District of Columbia.

The core mission of SunTrust is to help people and institutions prosper, provide financial services that meet the needs, exceed the expectations, and enhance the lives of our colleagues, clients, communities, and ultimately our shareholders.

SunTrust Mortgage, Inc. was ranked Highest in Customer Satisfaction in a recent study conducted by J.D. Power and Associates that evaluated the top national mortgage lenders on their origination process for first mortgage loans.

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