If you are considering a refinance mortgage with SunTrust Bank you can expect competitve rates and several loan options.
If you have a mortgage and you are not happy with its terms or rate, you may be considering a refinance. If you refinance a mortgage with SunTrust Bank you can expect competitve rates and several loan options.
Refinancing your mortgage means you take out a new loan to replace your current one. You may want to refinance to either lock in a lower interest rate or lower the mortgage payments. Refinancing has pros and cons and you must weigh them to decide if it is right for you.
Click here to skip the article and get mortgage quotes now.
If you currently have an adjustable-rate mortgage (ARM) and you've had a substantial rate increase that increased your payments substantially, a refinance may be a good option for you. SunTrust Bank refinance programs can get you into a fixed-rate mortgage, which offers the same payments and interest rates for the life of your loan. The downside to this is that you will most likely have to extend the length of your mortgage. So, if you are five years into your 30-year mortgage and you refinance into a fixed-rate, 30-year mortgage, you will have to pay your mortgage for five years longer. You may still save more by lowering your rate and paying five more years than staying in your current mortgage. A loan officer can help you compare your refinance mortgage options with SunTrust Bank to see which is better.
A common reason to refinance is to lower your payment. By refinancing into a new mortgage, you can get a lower interest rate and a lower payment. You may also use a refinance mortgage from SunTrust Bank to consolidate a first and second mortgage or a first mortgage and a home equity loan. Combining multiple loans into one often results in lower overall monthly payments, which saves you money.
You will need to consider the closing costs associated with refinacing when you weight the advantages and disadvantages. Whether you choose to have the closing costs added into the new mortgage or you pay the closing fees upfront, there are fees.
If you want to lower your interest rate and your mortgage payments, a refinance mortgage from SunTrust Bank can be the solution. As with any other major financial decision, it is important to arm yourself with as much information as possible by doing research. You can compare SunTrust programs and rates with those of other national lenders at Reply! Once you have information at hand, you will be ready to make the best choices about your mortgage.