Mortgages and Home Refinancing
Let’s be honest: mortgages and refinancing can feel like a maze. But it doesn’t have to be that way. At Piedmont Advantage, we speak your language: clear, friendly and no fluff.
Compare Your Options. Choose What Fits.
Home loans come in all shapes and sizes for a good reason. The best one for you depends on how long you plan to stay, how much flexibility you want and how soon you’d like to be mortgage-free. This chart lays it out to help you choose with clarity and confidence.
The right loan isn’t just about numbers. It’s about feeling secure and set up for what’s next.
| Mortgage Loan Type | Key Benefits | Worth Considering If You… |
| Liberty Loan | Low fixed interest rate: 5.75% APR1. Terms up to 12 years. Closes in half the time of conventional loans. $400 credit toward total closing costs2. | Plan to refinance to pay your home off faster than a conventional loan. Have a credit score of 700 or higher. Reside in North Carolina, South Carolina or Virginia. |
| Conventional First Mortgage | Low fixed interest rate. Short- and long-term options up to 30 years. | Plan to stay in your home for a long time. Have an established credit history. Can put at least 5% down. |
| Adjustable-Rate Mortgage (ARM) | Initial lower monthly payments. Multiple terms available. All terms are based on 30-year amortization. | Don’t plan to stay in your home for a long time. Have an established credit history. Can put at least 5% down. |
| Federal Housing Administration (FHA) | Flexible qualifications. Fixed interest rate. | Have limited funds for a down payment. Don’t have an established credit history or have experienced credit challenges. |
| Veteran Administration (VA) | Low or no down payment. Flexible qualifications. No private mortgage insurance (PMI) requirement. Fixed-rate and ARM options. | Are in the military, a veteran or a surviving spouse of a service member who passed away as a result of service. |
Two Calculators. One Clear Path to Home Confidence.
Buying a home? Thinking about refinancing? These two calculators are your personal backstage to the numbers that matter.
Use the Home Loan Calculator to get a feel for what your monthly payment could look like based on your budget and plans. Then check out the Home Refinance Calculator to see how a new loan might lower your payment or help you pay off your mortgage sooner. Less financial fog. More, “I’ve got this.”
Mortgage and Refinancing Loan FAQ’s
To calculate the cost of refinancing your first mortgage, use our Home Refinancing Calculator.
The specific amount of your closing costs vary by situation. Appraisal fees, title charges and closing fees may vary from state to state and lender to lender. To evaluate your closing fees, you should be aware of third-party fees, taxes and other unavoidable costs, and lender fees you may incur.
A mortgage loan can be a loan to finance the purchase of your home or a refinance of your existing mortgage.
Getting pre-approved before buying a home provides you with the price range that works best for your budget. Pre-approval also makes you a more attractive applicant since the seller knows your financing has already been approved.
Mortgage Fraud Spotlight
Mortgage closing scams specifically target homebuyers as they approach the closing date of their loans. Scammers attempt to unlawfully obtain your closing funds, including down payments and closing costs, by sending emails that impersonate your real estate agent or settlement agent, such as your title company, escrow officer or attorney.
It’s important to ensure that your conversations with your real estate or settlement agent are genuine. As you get ready to close on your new home, it’s crucial to identify trustworthy individuals who can verify the process and payment details. Be sure to take note of their names and contact information for direct communication. Learn more about the essential steps you can take to protect your closing funds.
Disclosures
1Annual Percentage Rate. As of February 14, 2024, the Liberty Loan has a fixed rate of 5.75% APR with a term up to 12 years. Liberty Loan is subject to credit and property approval. Minimum credit score of 700 is required. Maximum loan-to-value of 85%. Rates and terms subject to change without notice and other restrictions may apply. Estimated monthly payment on a $100,000 loan at 5.75% APR for 144 months would be $964.
2Applicable closing costs may vary depending on the location of collateral. Credit of $400 toward applicable closing costs available for Liberty Loans secured by eligible real property in North Carolina, South Carolina, or Virginia. Eligible real property consists of 1-4 family residential real estate, and excludes rental properties and manufactured homes. Flood and/or property hazard insurance may be required. Typical Liberty Loan closing costs and fees include appraisal fees, attorney’s fees, title searches, title insurance, flood determination, survey (if required), taxes, deed-recording fees and credit report charges and range between 2.00% to 7.00% of the purchase price or property value for a refinance.
All loans are subject to credit approval. Rates vary based on loan type, term, and creditworthiness.