Falling Rates this Fall

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Marlene Sheard

As rates continue to drop this Fall, you could save money on your mortgage loan by refinancing. 

With the recent changing interest rates, how do you know when may be a beneficial time to refinance? Refinancing your mortgage in order to gain a lower rate usually equates to lower monthly payments; however, it is important to remember that one size does not fit all. Falling rates are a great starting point if you’re considering a refinance, but there are several other factors to consider before making your decision such as how long you plan to stay in your home and your current financial situation. 


If you plan to stay in your current home for several more years, it may make sense to refinance. Depending on your situation, you may be able to take advantage of lower rates by refinancing. This could provide some of the below benefits: 

  • Shorten the term of your mortgage, but keep your monthly payments relatively the same. 

  • Keep the term of your mortgage the same, but simply lower your monthly payments. 

  • Take advantage of the equity in your home to potentially eliminate mortgage insurance and lower your monthly payments. 

  • Switch from an adjustable rate mortgage to a fixed-rate mortgage. 

Keep in mind, when refinancing your mortgage, you will probably incur closing costs which means you may not see the savings of the lower rate for several months to a few years. An Ameris Bank mortgage banker will be able to help you determine what your break-even point will be in order to help you with your decision. 


One of the most important components to being eligible for a refinance is having no missing or late mortgage payments within the last 12 months of your application. Refinancing your mortgage may also require you to go back through the loan qualification process again. Depending on your loan type, your mortgage banker may need to review your current income, debt, and credit score in order to ensure you are still qualified to borrow the funds required. Your home may also require an updated appraisal to ensure its current value. 

While a mortgage refinance is not a one-size-fits-all solution, one of Ameris Bank’s experienced mortgage bankers will be able to help you determine the best solution for you. 


By: Marlene Sheard

Marlene is a mortgage marketing representative for Ameris Bank and previous sales and marketing president for her local Home Builders Association. She enjoys sharing her experiences for the buying, selling, and financing of homes.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All loans subject to credit approval.