Time to upgrade the kitchen, finish the basement or add a new screen porch?  Need some extra cash for your children’s education or daughter’s wedding?  How about consolidating all those expensive credit cards while simultaneously reducing your tax bill?   Maybe you’d just like to take advantage of the historically low rates and put a little extra money into savings?  Whatever the reason, call one of our mortgage professionals today and we’ll show you how quick and painless the process really is with Prime Mortgage.

Key Benefits

Historical low interest rates ensure there’s never been better time to refinance your existing mortgage.

Things to think about:

There many things to consider when refinancing your home loan. The fees associated with refinancing can add up quickly so, many mortgage companies will waive fees associated with refinancing applications and legal fees. This fee reduction can amount to large savings for the home owner but may result in a slightly higher percentage rate than expected. It is important to talk about your loan options with your loan officer. Additionally, the amount of time you plan to spend in your home will impact your decision to refinance. Many mortgage lenders will allow home owners who expect to live in their home for a minimum of three to five years to pay “points” and closing costs upfront. This option ensures the home owner obtains the lowest percentage rate available.

Refinance Expenses?

The costs associated with refinancing are similar to those of obtaining an original home loan and include legal fees, application fees, settlement costs, and other related fees. When refinancing additional fees will arise and they can include a fee charged if you paid off your original mortgage early, the points associated with the refinance, and the home loan interest rate. Typically the cost runs between three and six percent of the total amount of the home loan.

Will Paying Points Affect My Rate?

When home owners make the decision to refinance their home loan they must decide which interest rate will work best for their situation. There is typically a range of interest rates at different amounts of points. Remember, a point is equal to one percent of the loan amount. When you work with you your home loan representative you will be able to analyze the different interest rates and related points, which can save you money. Some combinations of interest rates and points may cause your monthly payment to increase though. Be sure to discuss all options with you home loan advisor before making a decision.

Your Second Refinance

Refinancing makes sense for many of our clients because refinancing can result valuable savings. Now is also a good time to refinance for a second time. The timing is important because when interest rates are falling quickly you can reduce your monthly payments even further. Your mortgage brokers will also help you understand the tax write off associated with a second refinance. The money that American’s are saving can be used to build emergency cash funds, build additions onto their homes, or they can save it for a child’s college fund.

Most Popular


The FHA offers a variety of loan programs to a large population and FHA mortgages can have fixed or adjustable interest rates. Many find these home loans attractive because they require very small down payments, gifts can be used for down payments and closing costs, and because the FHA regulates the closing costs. These loans also have qualifications that are easier to meet than traditional mortgages. The FHA does not require a minimum FICO score to meet qualifications and these programs will allow home purchase two years after a bankruptcy filing.

  • FHA Express is available as both a 15- and 30-year fixed-rate loan.
  • FHA loans are created by the Federal Housing Administration.
  • You can refinance up to 97.75% of your home's value. Or, if you'd like a cash-out refinance, you can refinance up to 85% of your home's value.
  • Only a 3.5% down payment required for home purchases.
  • First-time home buyers may be eligible for a tax credit up to $8,000. Ask us how!


The VA loan is a great benefit for those who have served, or still serve, in the U.S. Military. Veterans and current military members, and their surviving spouses, may be eligible for the security and benefits of the VA loan.

  • Refinance up to 90% of the value of your home
  • Cash-out refinance also available
  • Funding fee can be rolled into the refinance
  • There is no monthly PMI with a VA loan
  • The funding fee is waived for disabled veterans and surviving spouses.


Did you know that the USDA will allow you to refinance your current USDA loan ? The USDA offers several different refinance options to suit your personal needs.

Pilot USDA loans have the most relaxed underwriting criteria.
  • No appraisal required
  • All closing costs may be financed
  • Expanded ratio requirements
  • No inspections required  
  • Not all states are eligible - speak with your loan officer for details
USDA Non Streamline Refinance offer more flexibility but have additional documentation requirements.
  • You can add or delete borrowers
  • All closing costs may be financed if the home appraises with equity
  • No inspections required
  • Eligible in every state


Let these calculators guide you through your planning process. With access to hundreds of programs, you can get a general understanding of how much you can afford and what program might be right for you.

However, as we’ve said before, there are many factors that go into your calculated interest rate. Please call one of our mortgage professionals today and ensure you're getting the best rate that’s right for you.

Mortgage Loan Calculator

Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay and your principal balances. You can even determine the impact of any principal prepayments! 

Fixed Rate Mortgage vs. Interest Only Mortgage

A fixed rate mortgage has the same payment for the entire term of the loan. Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage.

Interest Only Mortgage Calculator

Use this calculator to generate an amortization schedule for an interest only mortgage. Quickly see how much interest you will pay and your principal balances. You can even determine the impact of any principal prepayments!

Rent vs. Buy

Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision.

Mortgage Tax Savings Calculator

Interest paid on a mortgage is tax deductible if you itemize on your tax return, so are points that are paid to lower your interest rate. Use this calculator to determine how much you could save in income taxes.

Contact Us

Toll Free: 888.524.2914
Office: 919.303.1225 
Fax: 919.303.2224

Mailing Address:
320 N. Salem Street Suite 300
Apex NC 27502