Best Mortgage Refinance Companies in Savannah, GA

Mortgage refinancing would make good financial sense for a homeowner in Savannah if the prevailing market rate is at least two percentage points lower than their current mortgage interest rate. This is also a good option if they want to build equity in a shorter time by switching to refinancing that offers shorter payment terms. Another instance is when homeowners have an adjustable-rate mortgage and want to convert to a fixed-rate loan.

Reverse mortgages are loans offered to homeowners aged 62 and above who have considerable equity in their houses in Savannah. The amount they receive will be matched with their equity so no regular loan payments are required. Once this amount has been used up, the homeowner would then have to move out or sell the home.

Properties, such as houses, generally appreciate in value over time, and homeowners in Savannah who have been paying for their houses can make the most of this situation by considering mortgage refinancing. Doing so will allow them to pull the equity from their property and use this to fulfill higher-interest loans, switch to another lender, or take on a home improvement project.

When a homeowner in Savannah chooses to refinance their mortgage, the loan undergoes closing to finalize the transaction, which involves a meeting between the homeowner/borrower, a lawyer, and sometimes the loan officer where the borrower signs the loan documents. These may include a deed to secure the debt and the repayment agreement. Any existing loans or liens on the property will also be paid off, usually by the attorney, and the funds will be disbursed to the borrower.

Predatory lending practices involve abusive, deceptive, or unfair loan terms. In most cases, these loans impose high fees and interest rates on borrowers. In 2022, TitleMax, one of the biggest title lenders headquartered in Savannah, was fined $15 million after the Consumer Financial Protection Bureau found that the company intentionally evaded loan protection laws and charged illegal insurance fees to more than 17,000 of its clients.