Is Refinancing Right for You?
4/17/2025 - SouthState Mortgage Insights and Articles
Thinking about refinancing? While fluctuating interest rates often trigger homeowners to consider refinancing, there’s more to the decision than just rates.
What is Refinancing?
When you refinance, you replace your current mortgage with a new loan. This fresh start gives you the opportunity to adjust your mortgage amount and terms to better suit your current financial situation and goals.
Smart Reasons to Consider Refinancing
Shorten Your Loan Term
Want to own your home sooner? Refinancing to a shorter loan term might be the right answer. While your monthly payment may increase, you’ll build equity faster and could save substantially on interest over the life of the loan as compared to one with a longer term.
Lower Your Monthly Payment
Refinancing at a lower interest rate can potentially lower your monthly mortgage payment, creating breathing room in your budget. This extra cash could strengthen your emergency fund, boost retirement savings, or help you fund your child’s education.
Tap Into Your Home’s Equity
If you’ve built up equity in your home over the years, a cash-out refinance lets you access those funds. Many SouthState customers use this option to fund home improvements, consolidate high-interest debt, or cover significant expenses like education costs.
Is Refinancing Right for You?
Try Our Refinance Calculator
The decision to refinance shouldn’t be made on interest rates alone. Our refinance calculator helps you determine if the timing is right for your situation. Enter information about your current mortgage, potential new terms, and estimated closing costs to see your potential savings and break-even point.
Remember that refinancing involves closing costs – typically several thousand dollars including application fees, appraisal costs, and other expenses. The calculator will help you understand how long it will take for your savings to offset these upfront costs.
Partner with SouthState for Your Refinance
As your mortgage lender, SouthState can often streamline the refinancing process. We already understand your unique financial situation and can guide you toward the refinancing option that best aligns with your goals.
Ready to explore your options? Connect with a SouthState Mortgage Banker today to discuss how refinancing might benefit your future.
