| Most people refinance to get a different interest | | | | current loan, a South Carolina refinance loan can |
| rate or to get cash out at closing. While these are | | | | extend your term. Depending on how long you |
| both great reasons to get a South Carolina | | | | have been paying on your original mortgage, this |
| refinance loan, there is another and it involves | | | | could lower your payment significantly. While this |
| refinancing for the sole purpose of changing the | | | | option can be great if you need to make better |
| term of your loan. | | | | use of your monthly income, you should carefully |
| Refinancing to Shorten Your Term | | | | consider the decision and make sure that your |
| Most people choose 30-year loans because they | | | | savings outweigh the extra that you will be |
| are the popular option. Unfortunately, with these | | | | required to pay in the long term. |
| types of loans, you end up saddled with a | | | | Other Refinancing Considerations |
| monthly payment for three whole decades. A | | | | Although refinancing to change your term can |
| South Carolina refinance loan can change that and | | | | save you money, you will want to carefully |
| give you a term of only 15 years instead. By | | | | consider some of the other financial implications |
| shortening the term of your home loan, you can | | | | associated with refinancing, such as the cost of |
| pay off your loan and build equity fast. | | | | the loan. Currently closing costs on South Carolina |
| Refinancing to Extend Your Term | | | | refinance loans average $2,988. Refinance rates in |
| Though a 15-year loan can save you money in | | | | South Carolina are somewhere around 5.72 |
| interest, it can sometimes make for higher | | | | percent on 30-year loans and 5.46 percent on |
| payments. No matter how far you are into your | | | | 15-year loans. |
