Guide to Refinance, Mortgage,
& Home Equity Loans in
Durham, North Carolina (NC)

Durham is the home of Duke University, nearly one million people, and a rich climate of arts and culture. With a moderate climate and affordable housing, it is easy to see why the population numbers keep going up. If you are ready to call Durham home, you should first think about your mortgage options.

Getting a Durham, NC mortgage

The first step in home ownership is finding the right mortgage lender. Look not only for the best interest rates, but also the lowest loan costs. Find a lender who does not charge excessive prepayment penalties and does not require mandatory arbitration. Choose a lender with many available loan products, as it is hard to tell which will be the perfect option for you. Finally, choose a lender who will listen to you, and you will be on the path to a good mortgage.

Getting a Durham, NC refinance loan

Once you have a home in Durham, you may begin looking toward the right refinancing loans to meet your needs.

Refinancing can mean many things for many people. For some people, it means simply adjusting their mortgage payment plans. Other people refinance by cashing in on their home’s equity. Even more people take advantage of small changes like bi-weekly mortgage payments or blanket mortgages. Below is a short guide for Durham homeowners on their best options when it comes to their own personal refinancing needs.

• Cash-out equity loans: The cornerstone of refinancing is still dominantly cash-out equity loans. By using the equity of your home, you can effectively access large sums of cash with low interest and use it in whatever way you want. Most people use it to pay off debts (credit card, student loans), leaving one, larger home equity loan which will be at a lower rate of interest than other loans.
• Mortgage adjustments: There are several ways to adjust a mortgage if you own a home in Durham. The first is to simply switch from either adjustable rate mortgage to fixed rate or vice versa. One or the other will probably save you more money, so examine how much you are paying and compare it to what you would be paying with the other. Chances are if you have never refinanced your home before, you have an adjustable rate mortgage. There is nothing wrong with this, but there is a high potential that a fixed rate could save you money. The second way to adjust your mortgage through refinancing is to change the way you pay it. Most homeowners pay once a month, but by switching to bi-weekly mortgage payments, you could cut years off your mortgage and save thousands of dollars in interest alone.
• Blanket mortgages: A blanket mortgage is a tool that is highly useful for those who own two or more homes. If you live in Durham and own two homes, having a blanket mortgage will allow you to put both under the same mortgage, allowing you to cut off one entire interest plan. Now, instead of paying off two mortgages each month, you only have to pay off one, larger mortgage at one interest rate. While land developers and real estate investors use blanket mortgages most frequently, it is still a useful tool for Durham homeowners who own several houses.

There are always ways to cut back on your mortgage payments to save you cash and keep you financially secure. Refinancing does not have to mean taking risks with your capital, but it can mean protecting it.

Getting Durham, NC home equity loans

If you like the idea of cashing in on your home’s equity, but you do not want to change the terms of your initial mortgage, consider a home equity loan or line of credit. Also called a second mortgage, this loan works in addition to your first mortgage. You will take out a loan for the total value of your equity (the value of your home minus the balance on your mortgage. Use it however you see fit.

We can help you find a mortgage, refinance or home equity loan.  Simply fill out the form below, and a broker will contact you and discuss your home financing needs with you.