Is It the Right Time to Refinance?

Family laughing together.

You see interest rates changing and begin to think about refinancing your home. Interest rates, however aren’t the only factor to consider.

Refinancing replaces your original mortgage with a new loan. Most homeowners refinance to lower the interest rate or shorten the term of their mortgage.

Before you go through the refinancing process, you need to have an idea of the overall costs and how long it will take you to recoup those costs. Using the calculator below, you can estimate your new mortgage timeline with figures from your current mortgage, the terms of your new loan and anticipated closing costs. Closing costs can run a few thousand with lender and third-party fees and other costs such as an origination fee, appraisal fee and closing costs.

Depending on the available equity in your home, refinancing could be worth your time.

If you’ve run the numbers and are ready to refinance, it might be worthwhile to work with your current mortgage lender. They will have your financial information available already and save you time in the process.

A cash-out refinance is another option for homeowners who’ve owned their home for many years. Using the equity in your home, you can get money for a renovation or to pay down other high-interest debt.

Is a cash-out refinance an option for you? Contact your Mortgage Banker today.


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  • This calculator is an illustrative tool meant for educational purposes only. The default figures and examples shown are hypothetical and may not be applicable to your individual situation. Furthermore, these calculations may not reflect the terms available for any loan, investment or other financial product offered by SouthState Bank, N.A. (the “Bank”). The calculations do not infer that the Bank assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.
  • This content is general in nature and provided for informational use only. Content may be used in connection with the advertising and marketing of products and services offered by SouthState Bank, N.A. and its subsidiaries and affiliates. This is not to be considered legal, tax, accounting, financial or investment advice. You should seek individualized advice from personal financial, legal, tax and/or other professionals, as appropriate depending on the specific facts of your situation. We do not make any warranties as to the completeness or accuracy of this information and have no liability for your use of this information.

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