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North Carolina Refinance Loans Knowing Your Refinancing Options

By: J.A. Hale

With so many different refinancing options, getting a North Carolina refinance loan can seem a bit intimidating at first. Fortunately, all you really need to make a good decision is information on how these refinancing options differ. Once you know more about each loan, picking the best refinance option for your situation will prove to be an easy feat.

Fixed Rate Loans

If your goal is to have a stable payment every month that never fluctuates, a fixed rate refinance loan will probably be best for you. These refinance loans allow you to pay the same interest rate through the entire life of your loan. Currently, rates on fixed rate North Carolina refinance loans average 5.71 percent.

Adjustable Rate Mortgages

If you want low rates and can afford to take on a little risk, you may be better suited to an adjustable rate mortgage. These refinance loans have low introductory rates that fluctuate as interest rates move up and down. Your payment will change frequently with this mortgage. Sometimes you will pay less and other times you will pay more. Currently, rates on one-year adjustable rate North Carolina refinance loans start out somewhere around 5.39 percent.

Interest Only Loans

If you are having a problem making your current mortgage payments, but expect to make more money in the near future, an interest only refinance will work well for you. These North Carolina refinance loans allow you to pay on interest only for a specific period of timeusually five to ten years. Once this period has ended, you will be required to make payments on the interest and the principle. Rates on 3/1 interest only adjustable rate refinances in North Carolina average 5.49 percent.

Visit North Carolina Lending Center to see our Top 3 Refinance Lenders Servicing North Carolina, whether you are looking for home purchase, refinance or a home equity loan.

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