Mortgage Company Davidson, NC

Mortgage Company in Davidson, NC 28036

Refinance Mortgage: Important Things You Should Know Before Refinancing Your Mecklenburg County Home

Thinking about a refinance mortgage? you’re not alone. Refinancing makes up a large percentage of the applications that mortgage companies in Mecklenburg County, NC receive each year. Considering the near-record-low interest rates, it’s easy to see why. Once you figure out the mortgage calculations with the current low-interest rates compared to the rates you may have secured when you first took out your home loan, you could stand to save a substantial amount of money in the long run.

With that said, however, before you attempt to refinance, it’s important to speak to a reputable mortgage company and take several factors into consideration. Here’s a look at some important things that you should know if you’re thinking about a refinance mortgage.

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Find Out the Equity of Your Home

The equity of your home is one of the first and most important factors that you will need to consider when you’re thinking about refinancing, as your equity will determine whether or not you are eligible for a refinance mortgage. If you have very little or no equity in your home, refinancing may not be possible, especially with a conventional loan. Fortunately, home values have been steadily rising, so there’s a good chance that you have acquired a good bit of equity. However, even if you have little equity, many mortgage companies do offer programs that you may be able to take advantage of. A knowledgeable and experienced mortgage broker, like one of the associates at Jet Direct Mortgage, will be able to help you determine if you qualify for a refinancing program.

Debt-to-Income Ratio

Debt-to-income ratio is a measure that is used to determine the amount you owe on your monthly debts compared to your monthly gross income (the amount you earn each month before deductions, such as taxes, health insurance, retirement benefits, etc., are taken out of your pay). Generally speaking, the ideal debt-to-income ratio for refinancing should be no more than 36%; however, if your debt-to-income ratio is higher, that doesn’t automatically mean you won’t qualify for refinancing. A reputable mortgage company may be able to assist you or at least provide you with advice to bring this figure down so that you can qualify for a better rate on a refinance mortgage.

Your Credit Score

After the mortgage crisis of 2008, many experts have increased the standards for refinancing options. One of those standards is your credit score. Generally, mortgage lenders want their applicants to have a healthy credit score of at least 760 in order to be considered eligible for a low-interest rate on a refinance mortgage. Do note, however, that even if your credit score is lower than the recommended 760, you don’t have to automatically give up hope; there may still be options available for you. At Jet Direct Mortgage, we can help you explore all the different options and provide you with valuable advice that you can use to increase your credit score.

Refinancing Fees

Refinancing your mortgage – especially at a lower rate than you’re currently paying – can help you save a significant amount of money over the life of your loan. However, many Mecklenburg County homeowners don’t realize that there are fees associated with refinancing. Typically, it costs around 3% to 6% of the total amount of the loan when you’re refinancing, though there are ways that you can lower the expense or include the cost into your new loan. For example, if you have a good bit of equity in your property, you may be able to combine the expenses that are associated with refinancing into the new loan. Also, there are lenders that do offer what is referred to as “no-cost” refinance options. When you work with Jet Direct Mortgage, we’ll always explore all avenues to help you get the best deal possible on a refinance mortgage.

Understand Your Taxes

A lot of Davidson, NY property owners depend on the mortgage interest deduction to bring the cost of their federal income tax bill down. If you do refinance and the interest rate on your new mortgage is lower, your mortgage interest deduction may also be lower. However, that’s not to say that you’ll definitely end up paying more in taxes. Experienced mortgage companies – like Jet Direct – will be able to help you review your taxes and determine the impact refinancing may have on your taxes.

Know the Current Refinance Rate

It’s important to understand that the rates on refinance mortgages change on a regular basis. The refinance mortgage rate today may be different next week or even tomorrow. That’s why it’s important to get in touch with an experienced mortgage company that has a proven track record of success, that can provide you with the most updated information, and that offers the most competitive rates possible, like Jet Direct Mortgage.

For the Best Refinance Mortgage Options in Mecklenburg County, NC, Contact Jet Direct Mortgage Today!

If you’re interested in refinancing your mortgage and you live in the Davidson area and you’re looking for mortgage companies near me, get in touch with one of the leading brokers in Mecklenburg County, NC: Jet Direct Mortgage. We have successfully helped countless homeowners throughout the region secure lower rates on their home mortgages and save a substantial amount of money on the life of their loans. To learn more or to schedule a consultation with one of our knowledgeable and experienced mortgage brokers, give us a call at 1.800.700.4JET. We’ll be more than happy to walk you through the process and assist you with finding an option that will best work for your needs.

Some information about Davidson, NC

Davidson is a suburban town located in northern Mecklenburg and Iredell counties, North Carolina, United States, on the banks of Lake Norman. It is a suburb in the Charlotte metropolitan area. The population was 10,944 at the 2010 census, and in 2019 the estimated population was 13,054. The town was founded in 1837 with the establishment of the Presbyterian Davidson College, named for Brigadier General William Lee Davidson, a local Revolutionary War hero. The land for Davidson College came from Davidson’s estate, a large portion of which was donated by his son.

John Davidson, described as “a prosperous Ulster merchant”, was a member of the Davidson family who migrated south from Pennsylvania. Davidson’s Creek was the westernmost settlement in North Carolina at the time, and according to Robert Ramsey’s Carolina Cradle, it “became the nucleus of the Centre Presbyterian Congregation.” John Davidson’s son William went on to serve in the American Revolution, eventually becoming a major. Maj. William Davidson was a cousin of Col. William Davidson, the first state senator from Buncombe County, North Carolina, who in turn was a cousin of Gen. William Lee Davidson, for whom Davidson College was named. Gen. Davidson’s son William Lee Davidson II sold 469 acres (1.90 km2) to the Concord Presbytery to start Davidson College.

The history of the town of Davidson is inextricably linked to Davidson College, which predated the surrounding community and influenced its development. Although Davidson’s growth in the late nineteenth and early twentieth centuries typified small railroad towns throughout the Piedmont, the presence of the college created a unique village. The tree-shaded campus filled with classically inspired architecture distinguished Davidson from other communities. The sway of the school also extended beyond the campus to the entire town, influencing commerce, culture, and the character of its architecture. The 1869 Branson’s business directory recorded four dry goods merchants in the town as well as a cabinetmaker, a miller, and three physicians.

Soon after the arrival of the railroad, Davidson became a shipping point for cash crops, especially cotton, and a service center for farmers. In common with other railroad towns in the region, textile investors constructed cotton mills and mill villages along the rail corridor. The Linden Cotton Factory, erected in 1890 on Depot Street, was the first textile plant in Davidson, and in 1908, the Delburg Cotton Mills was constructed nearby. Two thousand bales of cotton were sold at Davidson annually in the early 1900s.

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