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 Changing the term of your mortgage can help in several ways. First, if you were to refinance your current mortgage from 30 years to 15 years, you will accelerate the rate at which you pay towards principle each month meaning your house will be paid off quicker. Also, you will save an unbelievable amount of money in terms of interest because you would likely be taking 10 to 15 years off the life of your loan. Second, you can also refinance a 15 year mortgage to a 30 year mortgage. It seems like it might not make sense to do this, but if you have an immediate need to free up monthly cash-flow and you don't want to take out a home equity loan, this can work out to your benefit. When you take a 15 year loan and refinance it to 30 years you will have the same balance only the payments can be hundreds of dollars less than the 15 year loan. The only draw back to this is you will pay more in interest over the live of the loan.
 See also:
 Preferred Financial Services »
Mortgage broker offers full spectrum mortgage financing in South Carolina.
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 Schmidt Mortgage Company »
Provides residential mortgage financing products for the South Carolina and North Carolina area.
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 AgSouth Farm Credit »
Finances agriculture and rural loans in western South Carolina.
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 New South Mortgage »
Purchase and refinance mortgage loans in the Charleston, South Carolina area.
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 Lucey Mortgage Corporation »
Offers residential mortgages in Charleston, Mount Pleasant and island properties.
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 First Rate Mortgage »
Offers custom solutions for residential mortgage financing.
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 Home Buyers Services of America »
A mortgage lender serving Columbia and all of South Carolina
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 HomeStar Lending »
Offers mortgage programs for home improvement, purchase, consolidation and refinance.
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 Presidential Mortgage »
Lender offers mortgage financing for South Carolina, North Carolina, and Georgia real estate properties.
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 Spartanburg Mortgage, Inc. »
Providing mortgage and refinancing loan services.
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 Alstate Lending »
Providing mortgage and refinancing loan services.
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 Low Country Mortgage, Inc. »
Providing new and refinance home loans in Charleston.
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 When it comes to lowering your rates you will need to weight the benefits of having a lower rate vs. paying points up front. You may end up paying a lot more depending on your choice and how long you plan on keeping your mortgage.
Ask for the reissue rate on your title work. If you've taken a mortgage within the past two years, or are using the same lender, you might be granted this option, which can save you as much as 70 percent on your title work. An editor at this magazine didn't know about this potential savings when he refinanced his mortgage; fortunately his lawyer did. The savings more than covered the attorney's fees. However, if it's been several years since you took out a home loan, or if you're using a new lender, you'll likely have to pay for a new title.
When refinancing a mortgage, as many as 30% of homeowner's cash out part or all of their home's equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home's value, you will be hit with private mortgage insurance, costing you hundreds a year.
Don't fall for the 0% apr unless it fits in with your master plan. A lot of brokers will try to get you locked into a low interest rate that will balloon on you in a couple of years and leave you out on the street.
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