Want to refinance your existing mortgage?

Refinancing a loan from a higher fixed rate to a lower rate, or from an adjustable-rate loan to a fixed-rate loan, might mean substantial savings for you in the long run and guarantee your monthly payments won’t increase.

You may want to refinance if you’ve built up enough equity in your home, and you need extra funds for home repairs or other financial needs.

Piedmont Federal offers two ways to refinance your mortgage; both will replace the terms of an existing mortgage:

Refinance Existing Balance
A “rate and term refinance” is the refinancing of your existing mortgage for an amount equal to or less than the existing outstanding loan balance plus additional settlement costs.

It is done primarily to lower the interest rate charge on the loan and/or to change the term of the mortgage (usually to shorten your loan term) while keeping the existing balance unchanged.

Refinance With Cash Out
A “cash-out refinance” allows you to tap into the equity in your home. You will obtain a new mortgage that provides funding in excess of paying off the existing loan balance and settlement costs.

If you elect to take “cash out” when refinancing your existing mortgage, your new loan will include the amount of the original loan plus the desired cash-out amount.

Expect the size of your mortgage and mortgage payment to increase in return for the cash.

Note: If you’re interested in borrowing against your home’s available equity to pay for other expenses, you also have the option to take out a home equity line of credit. It is a separate loan with its own term and repayment schedule, and is considered a second mortgage. The Piedmont Home Equity Line of Credit »


We have enhanced mortgage product offerings to provide you with a comprehensive range of solutions, ensuring a customized approach to meet your specific lending needs. More reasons »


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