I’m Travis Buis, a loan officer with Elite Home Lending in Myrtle Beach. Refinancing is the question I answer most often with no, and I think that’s why people keep asking me.

Here’s the math that actually decides whether you refinance a mortgage in Myrtle Beach, and what makes this coast different.

Ready to pay less in interest on your mortgage and lower your monthly payments? A refinance may be the right step for you.

A mortgage refinance is the replacement of an existing mortgage with another mortgage under different terms. Mortgage refinancing can lower your monthly payments, which can add up to significant savings.

Knowing your current refinance mortgage rates is important. Elite Home Lending can keep you informed and help decide when a refinance may be best.

Reasons to consider a mortgage refinance:

• Reduce your monthly mortgage payment: Mortgage rates are still very low. A refinance with Elite Home Lending may help you lower payment and possibly save you money.
• Consolidate high interest debt: You could pay off those higher-interest debts by refinancing with a lower rate. Even with less-than-perfect credit, we can help you lower your monthly payment and pay off your higher-interest debt. By consolidating your payments into one low monthly payment, you can pay less each month, lower your debt, and improve your credit score.
• Pay Off Your Mortgage Faster: The shorter the term on your mortgage, the lower your mortgage rate. Did you know that you may be able to take advantage of today’s competitive rates by shortening the term of your loan (which means paying less interest) without a significant change in your monthly payment?

When to Refinance Your Mortgage?

We offer information on a variety of mortgage refinancing rates and options. When you are ready to take the next step, contact Elite Home Lending. We can advise you on which mortgage refinancing program meets your needs.

Should you refinance your mortgage in Myrtle Beach?

What actually decides whether it is worth it?

How long you’ll keep the loan, measured against what the refinance costs you to get. A refinance has closing costs, and until the savings have covered them you haven’t gained anything. If you’ll sell before that point, refinancing loses money no matter how much better the rate looks.

That’s the whole calculation. Anyone who tells you to refinance without asking how long you’re staying is selling, not advising.

What has changed on this coast since you bought?

Probably your insurance and possibly your taxes, and both belong in the comparison. Wind and hail and flood premiums have moved for a lot of Grand Strand owners, and if your escrow has climbed, the payment you’re comparing against isn’t the one you started with.

If the property became your primary residence since you bought it, the assessment ratio matters too. South Carolina assesses a primary residence at 4% and a second home at 6%, and you have to file for the lower one. Plenty of people never do, and it costs them every year.

What are my options besides a full refinance?

If you want cash rather than a better rate, a cash out refinance does that but resets your rate on the whole balance. If your current rate is one you’d rather keep, borrowing against equity separately may serve you better.

Bring me your current statement and get pre-qualified. I’ll run it honestly, and if the answer is stay put, that’s what I’ll tell you.